The Malinauskas Labor Government will officially abolish stamp duty for all first homebuyers who buy or build a new home, and extend the First ³Ô¹ÏÍøÕ¾ Owner Grant to all eligible first homebuyers as part of the 2024-25 Budget.
To further boost housing supply and help more South Australians into home ownership, the 2024-25 Budget will abolish property value thresholds for both the stamp duty exemption and First ³Ô¹ÏÍøÕ¾ Owner Grant at a cost of $30 million over four years.
With the abolition of property value limits, a first homebuyer who purchases a new dwelling broadly in line with the median house price of $750,000 will receive a benefit of over $50,000, including the First ³Ô¹ÏÍøÕ¾ Owner Grant of $15,000.
The stamp duty exemption will be available to all first home buyers who buy a new home (including a house, flat, unit, townhouse or apartment), an off-the-plan apartment, a house and land package or vacant land to build a new home.
The initiative builds on the tax relief announced as part of the 2023-24 Budget, which saw the Malinauskas Labor Government abolish stamp duty for first home buyers purchasing a new dwelling up to a property value of $650,000 while also aligning the property value cap for the $15,000 First ³Ô¹ÏÍøÕ¾ Owner Grant to this limit.
First home buyers building a home can also save thousands with a 2 per cent deposit home loan available through ³Ô¹ÏÍøÕ¾Start, a Malinauskas Government election commitment delivered this year.
As put by Peter Malinauskas
We are amid a national housing crisis borne of successive governments failing to do enough to build new homes.
In the last budget, we abolished stamp duty for some first homebuyers who build new homes.
Now we are making that tax relief available to all of them.
Every new home built in our state benefits the rest of the housing market. Every first homebuyer that can move into a new home means one less buyer or renter competing for existing stock.
As put by Stephen Mullighan
The Malinauskas Government is acutely aware of the barriers facing young people who are looking to enter the housing market and are determined to do all we can to assist young people into homeownership.
That is why we have taken the step to abolish the property value cap on the stamp duty exemption for first home buyers who buy or build a new dwelling to ensure all first home buyers who choose this option no longer have to pay stamp duty.
As put by Nick Champion
The key to addressing the housing crisis is increasing supply at all levels of the market and this important budget announcement will help more young South Australians build their first home.
We need to be building more new homes and the Government will have further details on the steps we are taking to address the housing crisis at the release of the Premier’s Housing Roadmap later this month.
As put by Master Builders SA CEO Will Frogley
This is a great day for any South Australian who dreams of owning their own home. It’s also a great day for builders, tradies, suppliers, apprentices and all of the more than 80,000 South Australians directly employed in our industry.
As house prices have risen over the years so too has stamp duty.
This vital policy change by the Malinauskas Labor Government will incentivise South Australians to build their own home, fuel job creation and keep our economy strong.
