Great News for First Home Buyers in Adelaide!

Source: Government of South Australia - Department of Treasury and Finance

The dream of owning a home is now within reach for thousands of first-home buyers in Adelaide. In a significant move, the government has announced the abolition of stamp duty for eligible individuals building or buying a new home. This fantastic initiative aims to provide support and relief to those taking their first steps into the property market.

Under this new policy, first-home buyers will enjoy the complete abolition of stamp duty for new homes valued up to $650,000. Even for properties valued up to $700,000, relief will be progressively phased out, ensuring that a wide range of homes remain affordable for those entering the market.

In addition to the stamp duty relief, first-home buyers purchasing vacant land to build their dream home will also benefit from this policy. Stamp duty relief for land will be abolished for plots valued up to $400,000, with a phased-out relief for land valued up to $450,000. This encourages individuals to take advantage of the opportunity to design and construct their own homes.

To further support first-home buyers, the property value cap for the $15,000 First Home Owner Grant has been increased to $650,000. This boost in financial assistance will contribute to easing the burden of upfront costs associated with purchasing a home.

The impact of these measures cannot be understated. For instance, an eligible first home buyer who signs a contract to purchase a new home valued at $650,000 or more after 15 June 2023 could receive relief of up to an impressive $44,580. This substantial saving can go a long way towards making homeownership a reality and enabling individuals to invest in their future.

It is estimated that approximately 3,800 first-home buyers will benefit from this initiative each year. With the abolition of stamp duty and the increased property value cap for the grant, the government is sending a clear message of support and commitment to those aspiring to own their first home.

If you are a first home buyer in Adelaide and would like more information on our affordable properties, we encourage you to contact the club at enquiries@propertyclub.com.au. Our dedicated team is here to assist you in finding the perfect home that fits your budget and requirements. Take advantage of this opportunity and make your dream of homeownership a reality.