Brian Brady 
Homebuyers will be happy to hear that they will now be able to save up to $7,000 when they buy a home, thanks to the decision by the Queensland Government to reinstate the Principle Place of Residence (PPR) stamp duty concession.
The stamp duty concession was removed last year to a lot of criticism, as many considered this to be a bad decision for the Queensland property market as it was just starting to recover from the hit it took after the summer of natural disasters.
The new government had promised to return the concession however, and a lot of homebuyers have been holding out on buying a home these last few months, as they have been waiting in anticipation for the concession to return, which it will be on July 1.
As well as the reinstatement of the stamp duty concession, the Queensland Government has also made the decision to scrap mandatory sustainability declarations from the selling process.
Both homebuyers and home sellers should be happy about the changes. While first home buyers don’t need to worry about paying stamp duty for properties valued up to $500,000, all other homebuyers who are buying for their principle place of residence will soon be able make a significant saving on their property purchase.
Sellers will also benefit as the property market is likely to pick up once the concession is reinstated. Sellers will also have one less item of red tape to worry about when the sustainability declaration is removed.
All in all most people will be very happy to hear of the changes and hopefully it will help provide a much needed boost to the Queensland property market.
