Property Buzz

PropertyBuzz, your daily dose of property news.

South Australia discards stamp duty for first-home-buyers; A “worrying number” of mortgage holders are missing their repayments; and the REIQ lobbies for the budget to fix Queensland’s property market

Welcome to Property Buzz! I’m Sebastian Holloman. Today is Friday, the 7th of June.

– The South Australian government has abolished stamp duty for first-home buyers (FHBs) who buy or build a new home, removing the previous property value threshold of $650,000.

– The changes could save FHBs over $50,000 if buyers purchase a property worth $750,000, including those purchased with the First Home Owner Grant with the exemption applying to all types of newly built homes.

– The move aims to increase housing supply and support young Australians going into home ownership amid a national housing crisis. Further measures to address the crisis will be announced later this month.

– And within the mortgages sector, a survey by financial comparisons website Finder has revealed that 1 in 8  homeowners have missed at least one mortgage repayment in the past six months, equating to around 396,000 borrowers.

– Additionally, 8 per cent of mortgage holders were found to have failed to meet multiple repayments, with 3 per cent applying for repayment holidays or hardship assistance from their bank.

– A separate survey from the Australian Securities and Investments Commission found that 47 per cent of Australian adults with debt, equating to 5.8 million people, have struggled with repayments over the past year due to cost-of-living pressures, reduced income, and unexpected expenses.

– Finder’s home loan specialist Richard Whitten urged homeowners to review their loan options and negotiate better deals with lenders as mortgage defaults become a growing concern.

And over in Queensland, Antonia Mercorella the CEO of the Real Estate Institute of Queensland has criticised the Queensland government for negatively impacting the property market with unrealistic housing goals.

– Mercorella noted that Queensland lags behind other states in housing indicators, with the longest apartment completion times and the lowest home ownership in the country.

– The CEO also questioned the effectiveness of the Homes for Queenslanders plan, highlighting the need for transparent monthly reporting against set KPIs in order to ensure accountability.

– Mercorella also criticised recent rental reforms, which she believes are causing confusion and uncertainty in the market, following data showing Brisbane as Australia’s second-most expensive city.

That’s Property Buzz for today.

See you again tomorrow, the 8th of June, for your daily dose of Property Buzz.

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South Australia discards stamp duty for first-home-buyers