December 8th 2024.
The state government is proud to announce the success of their plan to assist first home buyers in purchasing affordable homes. This initiative has been met with great enthusiasm, as South Australians are given the opportunity to waive stamp duty fees on their first property purchase, regardless of its price, as long as it is a newly constructed home.
According to recent reports, the plan has been particularly beneficial to those purchasing properties worth over $1 million, with 106 home buyers taking advantage of the cash relief. However, Treasurer Stephen Mulligan has clarified that the scheme has also been utilized by a much larger group of individuals.
Mulligan acknowledges that some may question the use of the relief for those buying higher-priced properties, but he emphasizes that the majority of beneficiaries have been those purchasing homes worth less than $1 million, with a staggering 95% falling into this category. This highlights the success of the plan in providing assistance to those who truly need it.
In contrast, State Opposition Leader Vincent Tarzia believes that the stamp duty relief should only be offered to first home buyers with a limited budget. He argues that those buying properties worth over $1 million may not require the same level of help. However, the data shows that the majority of individuals benefiting from the relief fall into the category of those purchasing homes and land packages worth less than $300,000.
In just six months, a total of 1840 first home buyers have taken advantage of the free stamp duty, surpassing the government's target for the entire year by more than six times. Treasurer Mulligan expresses his delight at this outcome, stating that they have exceeded their expectations in this budget.
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