Image Credit: vincent_tarziamp
In a pivotal move that could reshape the future of housing affordability in South Australia, the Liberal Party has declared its plan to abolish stamp duty for first homebuyers on established properties valued up to $1 million if they win the next state election, held in March 2026.
Opposition Leader Vincent Tarzia outlined the initiative, highlighting its potential to make homeownership more accessible for new buyers who prefer to purchase existing homes rather than build new ones.
The exemption from stamp duty is currently available only to those first homebuyers who opt to build new properties. Tarzia emphasised that this policy shift would not only level the playing field but could also lead to substantial savings for homebuyers, over $40,000 on an $850,000 property, for example.
The proposal was unveiled as part of Tarzia’s broader financial strategies to be discussed in his upcoming 2025 Budget Reply in Parliament on Tuesday. In the plan, he aims to address multiple aspects of the state’s financial health and public service efficiency, including reducing ambulance ramping times in hospitals.
This announcement comes at a time when young South Australians are leaving for other states in search of more favourable housing tax schemes. By removing stamp duty on existing homes, the Liberals hope to retain young talent within SA.
Adding to the housing strategy, Shadow Housing Minister Michelle Lensink mentioned that despite rising stamp duty revenues – projected to contribute $1.8 billion by the 2028-2029 budget period -the time was ripe for reassessment of taxes in light of ongoing financial pressures on individuals and families.
The Liberal Party has focused on economic policy measures, including a proposal to eliminate payroll taxes for general practitioners, with the aim of reducing the cost of doctor visits. The policy is intended to ease pressure on hospital emergency departments, which are frequently used as a first point of care due to the expense of GP services.
Further extending their economic policy adjustments, the Liberals have proposed to increase the payroll tax threshold from $1.5 million to $2.1 million, alongside introducing new home battery funding initiatives.
This strategic pivot in housing tax policy has the potential to impact homeownership accessibility for South Australians. Full details of the plan are expected to be released as the election approaches.
WHAT: Liberals promise to cut stamp duty for first homebuyers
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