Stamp Duty Rates QLD are the lowest in Australia making QLD the most attractive place to buy residential property. The Residential Stamp Duty Report by Bankwest has reported that Queensland continues to be the state with the lowest rates of stamp duty.  Brisbane is the cheapest capital city in Australia to buy residential properties in terms of stamp duty rates.  The home buyers of QLD contribute $9 billion towards stamp duty to the state government during the five years from 2003 to 2008.  Home buyers in four of the capital cities in Australia have to shell out at least 20 percent of their annual income to meet the stamp duty requirements. For example in Brisbane, the home buyers need to pay only one month’s income as stamp duty on the typical home that is the median priced property.  The median stamp duty bill pertaining to residential property prices is 1.3 percent (4% in ACT) which is the lowest in the country.  The median stamp duty bill for buying residential properties is $5000 in QLD when compared to that of ACT which is $17,888.  The QLD government has raised the thresholds for first home buyers in terms of home prices from $32,000 to $500,000.

Stamp duty is a general tax in Australia levied on documented property acquisitions. Stamp duty is levied on title transfers acquisition of real estate, vehicles, business assets and other property or insurance policies, gifts and mortgages.  The purchaser or borrower has to pay the stamp duty. Revenue raised is then used to fund essential public services such as education, health, law and order and public safety.  Stamp duty rates and requirements vary from state to state. Stamp duty can be charged at a concessional rate in the case of residential or business property transfers according to the rules governing the Stamp duty rates QLD. The concessional rate approval is subject to certain prerequisites such as meeting the eligibility criteria.  They are property value, property type and occupancy requirements. The Office of State Revenue has all the relevant information on stamp duty rates QLD.

The state government of Queensland has abolished the stamp duty on residential properties valued up to $500,000.  This step is expected to step up the activities of the housing market.  The reserve bank also may introduce cuts the interest rates. These measures will certainly encourage more people to think of buying homes than before. The introduction of cuts in interest rates coupled with the concessions on stamp duty rates will benefit both the home buyers and sellers.  More of first home buyers will enter the housing market and sellers and builders can find a good demand for their residential properties.  The reduction or abolition in the stamp duty rates QLD may cause the sellers to increase the property prices. The state governments can make sure that this does not happen so that home buyers are not put to any hardship. Hundreds of first home buyers of QLD are benefiting by this abolishment of stamp duty is a clear achievement of the changes in stamp duty rates QLD. This is the reason more and more people from Southern Australia are moving to Queensland.