Labor’s stamp duty relief welcomed but it doesn’t go far enough

Labor’s stamp duty relief welcomed but it doesn’t go far enough

Posted on: 05 June 2024

The Malinauskas Labor Government has failed to support first home buyers who can’t – or don’t want to – make their first purchase a new build.

With the median house price in Adelaide sitting at a whopping $760,000 and interest rates above six per cent, many first home buyers are desperate to get into the housing market now with an established property like a unit or townhouse. As it currently stands, new builds can take years to be completed.

South Australia is the only state in the country which doesn't offer stamp duty relief for first home buyers purchasing established homes.

The Opposition last week called on Peter Malinauskas to introduce a $10,000 reduction on stamp duty for established homes up to the value of $750,000 for first home buyers.

With that crucial initiative ignored by the Malinauskas Labor Government, a Speirs Liberal Government elected in 2026 is committed to providing stamp duty relief for first home buyers who wish to purchase an existing home.

Leader of the Opposition, David Speirs, said he’s pleased Peter Malinauskas listened to the Opposition’s calls to lift the current threshold for stamp duty relief for first home buyers.

“This is a welcomed step in the right direction, but we are disappointed that first home buyers who wish to purchase an established property as their first have been abandoned by Peter Malinauskas and Labor,” Mr Speirs said.

“We know first home buyers do traditionally look to buy existing properties, like units, because they are usually lower in value and are more achievable from a repayment standpoint, especially with such high interest rates at the moment.


“We will take a policy to the next election of providing stamp duty relief to first home buyers who choose to purchase an existing property, as we cannot afford to leave these people behind during a housing crisis.”

Shadow Minister for Finance and Tax Reform, Heidi Girolamo, said South Australia is the only state that does not offer stamp duty exemptions for established properties.

“Not every first home buyer is prepared to wait a number of years for a property to be built – many are ready to move, and they are ready to move now,” Ms Girolamo said.

“Providing stamp duty relief, like our suggestion of $10,000, would go such a long way in supporting first home buyers wanting to purchase established properties.”

Shadow Treasurer, Matt Cowdrey, said the raised threshold on stamp duty relief is a clear concession by Peter Malinauskas that Labor failed in last year’s budget.

“Labor boasted that thousands of first home buyers would take up its initial stamp duty relief scheme, but in reality, just over 1100 applicants successfully obtained that support by March,” Mr Cowdrey said.

“We’re glad Peter Malinauskas has come to the table and taken up our policy to increase the stamp duty threshold, but with the housing crisis getting worse there is still so much to do.”