Treasurer and Minister for Trade
The Honourable Tim Nicholls

Newman Government’s 100th day heralds new era for beleaguered property sector

The Newman Government has delivered on its promise to provide certainty and stability to the property sector, Treasurer Tim Nicholls says.

Mr Nicholls said the Newman Government had wiped up to $7,000 off the cost of buying a home by reinstating the principal place of residence transfer duty concession.

Reinstating the concession that the previous Labor Government scrapped in its 2011/12 budget was part of the Newman Government’s 100-Day Action Plan to get Queensland back on track.

“Today marks a major check-point for the LNP – 100 days since we were elected with a mandate to reduce the cost of living for Queensland families and build a four pillar economy,” Mr Nicholls said.

“The legislative changes we’ve made to ease household budget pressure will flow through to the whole Queensland economy.

“Reducing the amount households have to spend on bills and general living expenses will give many people the breathing space they need to enjoy a night at the movies, save for a family holiday or consider buying their own home.”

Mr Nicholls said the previous Labor Government had prevented the property sector from reaching its full potential.

“Real estate businesses will no longer be weighed down by complex regulations, rising costs and a diminishing number of buyers,” he said.

Member for Pumicestone Lisa France, a former real estate agent, said reinstating the concession had given Queenslanders yet another incentive to buy a home.

“Not only are we reducing the costs of owning a home and operating a business, the Newman Government is also reducing the green and red tape that’s strangled the property sector for too long,” she said.

Ms France said agents were thrilled people selling their homes would no longer have to complete onerous sustainability declarations.

“Many people didn’t understand what they were being asked to declare and were forced to choose between paying someone to complete the time-consuming paperwork for them or face being fined,” she said.

“Repealing the declaration will streamline the process of selling a home. But sellers can still advertise the property’s sustainable features, like solar panels or water tanks.”