Most of the states and territories have increased or maintained their level of assistance for first-home buyers with the delivery of their annual Budgets.

 

The Queensland Government will increase its first-home buyer grant to $20,000 for 12 months from 1 July. The grant currently stands at $15,000 and is offered to people who buy or build new homes, valued at less than $750,000.

 

In Tasmania, the State Government has announced it will continue the First Home Builders Boost at $20,000. The Government has advised that the Boost is available to any first-home builders and will continue to 30 June 2017.

 

Both sides of politics are offering concessions in the Northern Territory, where an election is looming. The Territory Government has promised a $10,000 stamp duty concession on existing properties, while the ALP is offering a $24,000 concession and a $10,000 one-off home improvement grant to first-home buyers.

 

In South Australia, buyers will be eligible for stamp duty concessions on off-the-plan apartments, anywhere in the state, for the next year. Treasurer Tom Koutsantonis says the State Budget will include a $7.6 million commitment to extend stamp duty concessions for off-the-plan apartments until June 30 next year.

 

The concession of up to $15,500 was due to expire at the end of this month. It previously applied only to properties in the CBD and inner-city suburbs, but will now be available statewide.