Stamp Duty Exemption Cut
First home buyers access to the full stamp exemption has been cut for established homes.-
26 Aug 2014 - In the 2014-15 State Budget, the full stamp exemption for first home buyers was lowered from $500,000 to $430,000 for established homes..
The decision to reduce the full stamp exemption for established homes will increase the cost for buyers in this market. The State Government has indicated that this change will save them $54m in 2014-15 and $221.8 million over the 4 years to 2017-18. BP3 p 91
For the average first home owner this will increase their cost of entering into the housing market for the first time by $5,700. This is based on the median house price for first a home buyer which is currently at $470,000.