South Australia abolishes Stamp Duty: a Game-Changer for First-Home Buyers

Exciting news has emerged for first-home buyers in South Australia as the state government takes a significant step toward improving housing affordability. In the recently announced 2023-24 State Budget, the government has abolished stamp duty for individuals looking to purchase a new home. This progressive move aims to address the ongoing housing affordability crisis while also stimulating economic growth in the region.

Under the new scheme, prospective buyers can now purchase a new home valued up to $650,000 or vacant land up to $400,000 for building, all without the burden of paying stamp duty. This substantial relief from stamp duty is a major game-changer for aspiring homeowners in South Australia.

The property market in South Australia is currently experiencing a notable boom, with the median house price recently surpassing $600,000. This stamp duty relief program, coupled with an increased first homeowner grants property value cap of $650,000, provides an incredible opportunity for individuals looking to enter the housing market.

Eligible first-home buyers can now benefit from up to almost $30,000 in stamp duty relief, in addition to receiving a $15,000 First Home Owner Grant (FHOG). This combination of government support amounts to an impressive $44,580, significantly reducing the financial burden for those aspiring to become homeowners.

If you would like to learn more you can read the official premier media release here.

Our team is here to assist you in navigating these exciting government initiatives, making your journey toward homeownership a whole lot easier. For all your conveyancing needs and professional assistance, please contact us:
Phone: 0413 783 166