Property Law Update

No Stamp Duty for First Homebuyers of New Homes

From 1 May 2025, first homebuyers who purchase a new home to live in or vacant land on which to build a new home will be eligible for a full stamp duty concession. A "new home" is one that has never been occupied or sold as a residence, or one that has undergone substantial renovation.

To qualify for this exemption, first homebuyers must:

1. be acquiring the property as an individual (not as a company or trust);
2. have never owned a residence in Australia or overseas;
3. have never claimed the first home vacant land concession;
4. be at least 18 years of age;
5. move into the property and reside there on a daily basis within 12 months from settlement; and
6. comply with certain requirements after claiming the concession.

Renting Rooms and the Stamp Duty Exemption

As of 6 December 2024, recipients of both the home and first home concessions are permitted to rent out part of their property during the first year of occupation while still retaining the full benefit of the stamp duty concession. This was previously prohibited.

Temporary Ban on Foreign Investment

The Federal Government has announced a temporary ban on foreign investors purchasing established dwellings from 1 April 2025 to 31 March 2027. This ban applies to all foreign persons, corporations and trusts.  The ban does not extend to the purchase of new dwellings or commercial properties.

How we can help

Please contact our office should you require further information on any of the above matters or should you require assistance with the purchase or sale of property in Queensland.