Tasmanian Labor Leader Dean Winter has pledged to extend existing stamp duty concessions to newly built houses for first home buyers if Labor wins the upcoming state election.
The policy aims to address what Winter described as an oversight in the current system, which only provides stamp duty exemptions for first home buyers purchasing existing properties.
“After 11 years of the Liberals, young Tasmanians are shut out of the housing market, building approvals are at record lows, and government policies are making the problem worse,’ Winter said.
“The current stamp duty exemption for first home buyers only applies to existing homes. It doesn’t make any sense.”
Labor’s plan seeks to stimulate demand for builders while expanding housing options for first-time buyers who are struggling to enter Tasmania’s challenging property market.
“Labor’s policy will create more demand for our builders and more houses will mean lower prices for first homebuyers,” Winter said.
The announcement has received support from industry groups, with the Property Council of Australia’s Tasmanian Executive Director Rebecca Ellston welcoming the initiative.
“Any step to alleviate the financial burden and remove those roadblocks of getting someone into their first home is very welcome for the industry,” Ellston said.
Ellston said a large portion of the cost of building a new home currently goes to taxes, making the proposed exemption a significant financial relief for first home buyers considering new construction.
“The [Liberals’] first home owners exemption for stamp duty for established homes is excellent, but it just doesn’t go far enough. And as it’s been put, it puts builders building new homes at a real disadvantage,” she added.
“This exemption just evens the playing field and importantly gives First Home Buyers that choice and that housing diversity.”
