South Australia has scrapped stamp duty for first-home buyers as part of its 2024-25 Budget delivered this month.
The State Government also announced it would abolish property value thresholds for the stamp-duty removal, and extend the First Home Owner Grant to all eligible first-home buyers.
It was announced as part of the $843.6-million housing package that would deliver 2383 homes, a record investment in housing in the state.
South Australian Treasurer Stephen Mullighan said increasing supply was key to creating more affordable homes.
“This package provides more than $840 million to facilitate the delivery of more than 2300 homes in Adelaide’s west and south, along with more public and regional housing,” Mullighan said.
“We are also completely abolishing stamp duty for first-home buyers building a new home, which will be welcome news for hard-working South Australians trying to get their foot in the door to home ownership.”
Other budgetary commitments included $576 million from 2023-24 to 2034-35 for the SA Housing Authority (SAHA) land at Seaton, which would create 1315 homes including 388 social and 197 affordable homes. It also provided funding to redevelop government land at Noarlunga Downs estimated to deliver 626 homes with social and affordable housing included.
There is also $30 million to develop more regional housing, $136 million to build and upgrade 442 more social housing homes, and $5 million to extend the Aspire homelessness program until the end of June 2027.
It also provides $275.6 million for more than 160,000 training places in key areas such as defence, health, building and construction, early childhood education and clean-energy transition.
Premier Peter Malinauskas said prudent financial management had enabled the Government to deliver cost-of-living support while “building for the future”.
Oliver Hume head of national research George Bougias said the changes would make South Australia the most buyer-friendly market in the country for land buyers.
“South Australia continues to set the pace for managing the housing supply and affordability crisis we are currently facing,” Bougias said.
“The Adelaide land market has been one of the best performers in the country over the last couple of years due in part to the Government’s low-tax, high-supply approach, which makes it attractive to both local and international buyers.
“This decision will encourage and support any buyers currently sitting on the sidelines to get on the property ladder.”
