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Queensland Budget 2018: Real Estate Changes

The Queensland Government recently delivered the budget for 2018.

Here’s what you need to know:

First Home Owner’s Grant 

The Queensland First Home Owner’s Grant has been extended for a further 12 months.

However, the value of the First Home Owner’s Grant will be reduced to $15,000 (down from $20,000) from 1 July 2018. Eligibility requirements remain the same.

Contracts entered into before 30 June 2018 may still be eligible for the $20,000 First Home Owner’s Grant.

Additional Foreign Acquirer Duty (“AFAD”)

From 1 July 2018, AFAD will increase from 3% to 7%.

AFAD must be paid by foreign individuals, corporations and trusts in addition to ordinary transfer duty.

Land Tax

Property owners with holdings of $10 million or more will be liable for an additional 0.5% in Queensland Land Tax from 1 July 2018.