As you all know from the 1st may fho in qld will be exemt from stamp duty on the first 250k, do you think this will generate more buying activity in the lower price ranges???? also if this is so these buyers are most likely renters now, does anyone think rental vacancies will rise to any degree????. What are your thoughts on this?.
Fostonsounds like governments playing god again – yet only god knows what the consequences of this interference will be. at first glance I would expect much more acivity in the sub $250k range. It wil probably push up prices as well and defeat the purpose of the whole exercise – who knows!?
I’d expect prices in the lower bracket to rise to just below that $250 level & some properties in the $260 bracket to drop….
Cheers,
Aceyducey
fear is an amazing tool of government. Now with people up until 2 years ago able to buy the average house in suburbia in SEQueensland for $80k and that has been truly blown out of the water. All the renters can do is grin and bear the rental rises that accompany this growth. One of my tenants was loooking to buy the house he is STILL renting when I bought it in August 2002 for $73k. He couldnt come up with the deposit then. He sure as hell cant find the deposit now as the house has just been revaled at $170k.
What you will find though is that the stamp duty exemption will have a small effect on pricing due to the fact that only 5% of house sales are from first home owners anyway. What it will affect and is affecting now are the entry level units and townhouses which are moving quite nicely along again after the slowdown caused by 2 interest rate rises. Houses on average went from %80k to $180k on average and are having a small holiday, townhouses in Jan 2002, I bought for $34k and $40k are now worth $115k and slowly rising.
Hope this helps.
DD[buz2]
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