Take advantage of government’s first home owner initiatives: Fraser

Members of Generation Y still living at home – known as “kidults” – have been urged to take advantage of State Government financial incentives to crack into the property market.

Speaking at today’s First Home Buyers Expo in Brisbane, Treasurer Andrew Fraser said Queenslanders aged between 17 and 32 should get to the Brisbane Convention and Exhibition Centre to find out what they are entitled to – including new financial incentives which will become available on September 1.

Mr Fraser said a Housing Industry Association survey this week showed nationally a record 50.2 per cent of people in the Generation Y age bracket were still living at home with their parents as a result of the housing market boom.

In Queensland 44.2 per cent of young adults were still living with mum and dad.

In addition, Mr Fraser said a new AMP report showed only one in 20 people aged in their 20s are home-owners and housing costs increased by twice as much as gross incomes between 2001 and 2006.



Mr Fraser said the government was doing its bit to help first home owners crack the market.



“My message to parents with Gen Y kids still at home or who have moved back home is to make sure they know of our stamp duty cuts which are making it up to $10,000 easier to get into the housing market,” Mr Fraser said.



“And that includes an additional increase in the first home owner transfer duty concession threshold from $350,000 to $500,000 from September 1.



“That means every first home buyer from 1 September 2008 can buy a home in Queensland up to the value of $500,000 and pay no duty whatsoever.



“Owning your own home is a dream for many Queenslanders but there’s no doubt we’re living in increasingly tough times.



“Thousands of younger Queenslanders have been locked out of the property market simply because it has risen beyond their reach.



“Housing affordability cannot be solved by any one act of government but this government can assist and it will.”



As part of its bid to create great accessibility to the housing market, the government also provides a principal place of residence concession to the first $350,000 of the value of a home, the highest land tax threshold in the country and has also abolished Mortgage Duty.



Mr Fraser said this year also sees the first home owners grant abolished for houses valued at more than $1 million.



“So I would encourage all potential first home buyers to come along to the Expo where you’ll get the opportunity to access information that many Queenslanders may not be aware of.”



The Expo will continue today and tomorrow at the Brisbane Convention and Exhibition Centre.



For those unable to attend, a summary document of frequently asked questions is available from the Office of State Revenue website www.osr.qld.gov.au





Media Contact Chris Taylor 0419 710 874