A Tarzia Liberal Government would scrap stamp duty for first home buyers, under an ambitious new policy aimed at getting more young people into their own home.
The policy announced today would see first home buyers pay no stamp duty on existing properties up to a value of $1 million.
Leader of the Opposition, Vincent Tarzia, said the measure could save a first home buyer over $45 000.
“This policy will unlock additional buying power for young people and level the playing field so they can get a roof over their heads,” Mr Tarzia said.
“Adelaide is the 6th least affordable property market in the world, and we want to help young people to secure a place of their own here, rather than leaving for interstate or overseas.
“Not all first home buyers want to wait for a new home to be built or to live in an outer suburb and we know many want to be able to buy closer to family, friends and work.”
“While Labor sits on a stamp duty windfall, young South Australians are being priced out of their own city. This Government’s inaction is a betrayal of the next generation, forcing them to abandon dreams of home-ownership or leave the state altogether.”
Shadow Minister for Housing, Michelle Lensink, said stamp duty revenue continues to rise above budget forecasts, and is expected to add $1.8 billion to the government coffers by FY 2028-29.
“With record stamp duty pouring in and only expected to continue to increase, the Government can afford this concession for first home buyers,” Ms Lensink said.
“We have now seen an extra $845 million in stamp duties than originally budgeted for over the four years from 2024-25.
“Rather than using this record revenue as a cash cow, which Labor is intent on doing, we want to ensure the next generation of South Australians can get a foothold in the housing market.
“Scrapping stamp duty on established homes for eligible first home buyers is a sensible initiative that would take some pressure off young people, who are already doing it tough with the rising cost of living.
“This initiative would also bring South Australia in line with every other state that already offers stamp duty relief for first home buyers purchasing existing properties.”
