Buyers rush for contracts
HOME buyers are locked in a last-minute rush to sign contracts before the stamp duty concession is waived on Monday.
Emily Barnes closed a deal on her new home yesterday, eager to push through contracts before the August 1 cut-off date.
She said the quick buy had saved her family close to $9000.
“The impending stamp duty increase was definitely a strong motivating factor in quickly getting under a contract,” she said.
“Nine-thousand dollars is a lot of money and there’s no use waiting around to give the government more than you have to.”
Ray White Toowoomba principal Lindsay Southwell said he had written 25 contracts so far this month.
“That’s a 50 per cent increase on the previous two months and we’re hoping to do a few more this weekend.”
Mr Southwell said the looming cost increase had motivated buyers to quickly get into the market.
“People have been sitting on the sideline with their hands in their pockets for a while.
“This is the catalyst to get some of that sideline action.”
How much extra stamp duty will cost (properties worth $500,000):
Before August 1: $8750 for primary residence, $15,925 for investors
After August 1: $15,525 for primary residence, $15,525 for investors,
First home buyers remain exempt