News

Ready, steady...buy!

© iStockphoto.com/Frances 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




Join the Community.

Get your local news, your way.

Stay Connected

Update your news preferences and get the latest news delivered to your inbox.

Workmates credited with saving man from certain death

THANK YOU: Bruce O'Grady in the centre with (clockwise from left) Trent Court, Chris Aiken, Dale Ward and Scott Blackwell.

BRUCE O’Grady does not remember the morning of January 25, 2016.

Multi-million dollar upgrade for Redbank Plains Rd

Cr Sheila Ireland, Cr Kerry Silver and Cr Cheryl Bromage at the new intersection upgrade of Redbank Plains Road and Cedar Rd.

Cheryl Bromage delivers big infrastructure project for city

Victim's life changed forever after horror crash

Samantha Green has been confined to a wheelchair since a car crash in January, 2015. Here she is outside Ipswich Courthouse with her mother Margaret Stroud.

She endured a nine kilometre ride of terror

Latest deals and offers

Man thanks colleagues for saving his life after forklift incident

Bruce O'Grady returned to his Wulkuraka workplace on Thursday to thank his workmates that saved his life after a workplace accident in January. (clockwise from left) Trent Court, Chris Aiken, Dale Ward and Scott Blackwell.

Ipswich paramedics have praised the workplace health and safety focus of a local...

RACQ releases SE Qld's worst choke points

Paul Turner, RACQ

Paul Turner from RACQ talks about our worst roads at peak time.

British family bashed in Thailand

Family beaten and kicked unconscious by gang in Thailand.

Family beaten and kicked unconscious by gang in Thailand.

Demand for acreage lots pushes up property prices

Property values in Cooroy have increased 25%

Property values jump in Cooroy and Peachester.

How a sacked real estate agent made $725k in four months

Agent is now under investigation by the industry watchdog

RBA warns of future apartment oversupply

Toowoomba: Crest Apartments and Burke & Wills, Ruthven Street ( view from Neil Street) Photo Bev Lacey / The Chronicle

RBA says oversupply of apartments poses risk to household finances