The Malinauskas Labor Government’s decision to remove the threshold on stamp duty relief for first home buyers in the June State Budget is paying off, with a 7.6 per cent increase in the number of loans to construct or purchase new dwellings according to the Australian Bureau of Statistics (ABS).
It’s the second strongest result in the country just behind Queensland and is 5.3 percentage points higher than the national average.
There’s also been a 6.9 per cent increase in housing finance commitments for First ³Ô¹ÏÍøÕ¾ Buyers since the State Election.
It’s a positive step in the State Government’s plan to address the housing crisis, through the Housing Roadmap, which aims to deliver thousands of new homes across the State.
It comes as South Australia leads the country, when it comes to confidence in the property sector, according to latest survey results from the Property Council and Procore.
South Australia’s efforts to address the housing crisis have also been recognised by the Housing Industry Association (HIA), with our State ranked number one in its Housing Scorecard.
As put by Stephen Mullighan
This result reinforces the Malinauskas Labor Government’s decision to lift the threshold for stamp duty relief, enabling more first home buyers to enter the housing market, at the same time as boosting the construction of new dwellings.
South Australia’s property and construction sectors continue to outperform the rest of the nation, despite significant economic headwinds.
The State Government remains committed to providing an operating environment that supports property sector growth and makes South Australia an ideal place to develop land.
