The Money Matters: The Queensland Budget
With State Treasurer Curtis Pitt announcing the State budget just a few days ago, all eyes are on the government as every Queenslander wants to know what’s in it for them. Real estate is no different, and with a lot new money splashing about, we’re here to give you the fast facts on what it means for you.
Make It Rain
The most immediate effect is the extension of the increased First Home Owners Grant. The grant was raised from $15,000 to $20,000 on 1 July 2016, and was due to return to $15,000 on 30 June this year. However, in an unprecedented move, the $20,000 grant will stay in effect until 31 December 2017, giving $5,000 to first home buyers they weren’t otherwise expecting.
Make It Pour
The State Government also announced a $1.8 billion budget over the next ten years to build 4,522 new social homes, as well as 1,034 affordable properties.
For those looking to enter the property market that have been put off by current prices, this could help make the first buy easier, although current suburban properties can still offer a cheaper alternative to more central houses.
Make It More
The budget isn’t just giving money away to everyone however; absentee landowners (as in, overseas investors) can expect a 1.5% land tax surcharge. This is presumably a move by the government to increase and encourage local investors, and with the record low national interest rate, it remains to be seen if this will affect growth in Queensland’s property market.
Overall, young and first time buyers are the real winners from the budget so far, however those looking to sell their properties can also benefit from an expected increase in interest from the market. If this all seems a bit too confusing, you can always talk with one of our expert agents for specific advice tailored to your needs. Call us today to see what we can do for you.