into a contract to purchase a new home to live in or vacant land on which to build a home will be able to apply for a full transfer duty concession, reducing the duty to nil. Modelling from the state estimates that this change could deliver an additional 800 new homes thanks to increased demand in the sector. The move comes after the Queensland government said it would change the rules related to its stamp duty concession to allow first-home buyers to immediately sublet rooms in the home, as long as the purchaser also occupies the property. Previously, the buyer was barred from renting out part of the property for a period of 12 months from taking occupancy. Queensland treasurer and minister for home ownership David Janetzki said he expected these changes to impact “thousands of young people who want to enter the housing market”. Moreover, Antonia Mercorella, CEO of the Real Estate Institute of Queensland, called the policy shifts “sensible” and commended the government for “[lowering] the upfront financial hurdles to home ownership”. 8 BUSINESS VIEW OCEANIA VOLUME 07, ISSUE 02
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