Property Buzz

PropertyBuzz, your daily dose of property news.

Queensland Steps Up with Help to Buy, Tasmania wants to stamp out Stamp Duty, and a boost to new listings buoys Seller Sentiment

Welcome to Property Buzz! I’m Grace Ormsby

Today is Thursday, 13 June.

– Labor’s shared equity home buying scheme, Help to Buy, is ready to launch in Queensland, pending federal government approval.
The scheme, which offers eligible home buyers a 40 per cent equity stake from the government, is currently stalled in the Senate, with the Greens demanding changes to property investor taxes in return for their support.
– Queensland has become the first state to create the legal framework for the scheme, hoping that the Prime Minister and federal Housing Minister Julie Collins can overcome the legislative hurdles.

And down in Tasmania, the state’s lower house has passed a policy to eliminate stamp duty for first home buyers.
It’s set to assist first-time buyers who are purchasing properties valued at $750,000 or less, up from the previous cap of $600,000, and would retroactively apply from 18 February 2024 and run for two years.
– The bill also extends pensioner downsizing concessions, land tax exemptions for newly built houses available for long-term rental, and for properties converted from short-stay to long-term rental.

And May 2024 saw a significant increase in new property listings, up 6.5 per cent from the previous month and 18.5 per cent higher than this time last year, according to a report from realestate.com.au’s Proptrack.  
– The total number of properties advertised on the listings portal in May 2024 was up 2.7 per cent from April and 8.2 per cent higher year-on-year, marking the highest May for active listings since 2020.
– The surge in new listings is most evident in Sydney, Melbourne, and the ACT, according to senior economist Paul Ryan.

That’s Property Buzz for today.

See you again tomorrow, 14 June, for your daily dose of Property Buzz.

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Rental conditions remain tight