A state government’s plan to help first home buyers secure affordable homes has been labelled a roaring success.
South Australians looking to buy their first property are offered free stamp duty regardless of purchase price, as long as it’s a new build.
The cash relief has been enjoyed by 106 home buyers spending over $1 million on a property.
But the SA treasurer has said the scheme has also been used by many more than that figure.
“I realise that some South Australians might raise eyebrows at that small cohort who have taken advantage of those higher values but really the beneficiaries have been 95 per cent on less than $1 million,” Stephen Mulligan said.
State opposition leader Vincent Tarzia told 9News the stamp duty relief shouldn’t be offered to any first home buyer regardless of budget.
“I think if you’re buying a property over $1 million then arguably that help could go to people that need it a little bit more,” he said.
Most South Australians taking advantage of the concession have been those spending less than $300,000 on home and land packages.
In the first six months, 1840 first home buyers in the state made use of the free stamp duty – representing more than six times the state government’s target for a year.
“We’ve far exceeded our expectations in this budget,” Mulligan said.
