Queensland (Qld) Treasurer, Mr Curtis Pitt announced at a Qld Media Conference luncheon ahead of next week’s Qld State Budget that he will introduce a 3% transfer (stamp) duty surcharge to foreign buyers of Qld property. The South East Queensland apartment market is already struggling with an expected glut in the market and many banks tightening lending requirements for foreign investors, so this move will add to the woes.
This reverses a decision Mr Pitt made last year when he ruled it out following Victoria’s announced 3% foreigner surcharge.
The foreign duty surcharge will help pay for the announced increase in the first home builder grant from $15,000 to $20,000 and also an expected write down in Royalty revenue due to the slowdown in mining.
More details to follow once the budget has been released.
Please note that this publication is intended to provide a general summary and should not be relied upon as a substitute for personal advice.