© Twitty

A MASSIVE cut in stamp duty and falling interest rates are expected to reignite Ipswich's housing market from July 1.

Premier Campbell Newman will bring back the stamp duty concession for non-first home buyers from the start of next month - 11 months after the former State Government removed the deduction.

Before the concession was removed, non-first home buyers spending between $350,000 and $540,000 on a house also pocketed a concession of $3500, plus $3.50 for every $100 over $350,000.

Recent months have seen the Reserve bank of Australia repeatedly cut its base rate, with the latest 0.25% reduction announced this week.

While Ipswich agents were unwilling to blame the loss of the concession alone for slower sales, they did provide anecdotal evidence to support Mr Newman's move to reinstate it.

Real Estate Institute of Queensland Ipswich zone chairman Darren Boettcher said the change of government had boosted buyer confidence.

"We have already noticed an increase in the number of inquiries, although in that same week there was also an interest rate cut," he said.

"I have heard that buyers are holding off until July 1.

"I think all of these factors - the change of government, the stamp duty concession, the interest rate cuts - are all helping the market and it will be quite buoyant for the next six months."

For all the talk of the market softening with the loss of the stamp duty concession, Ray

White Ipswich agent and auctioneer Trent Quinn said the company had just enjoyed its most successful May in three years.

Ray White Ipswich noted $4.5 million in unconditional sales for the month.

"What we found anecdotally, was that if a buyer had to pay for stamp duty, the seller would take the hit, in that they would take that extra three, four, five or six thousand dollars off the top of the purchase price," Mr Quinn said.

"We also found that it took some buyers out of the market all together, because they found out that they would have to go back and save for an even bigger deposit."

Ray White has deliberately set July 1 aside for an auction of what they described as, "run of the mill, bread and butter Ipswich properties", to take advantage of the changes.

Both Mr Quinn and Mr Boettcher welcomed the State Government's plans to abolish Labor's Sustainability Declaration.

Topics:  home sales housing property stamp duty

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