Key Concessions and Grants for Homebuyers in Tasmania: 2024 Update
The Tasmanian government has introduced and extended several key concessions and grants in 2024 to make home ownership more affordable and to stimulate the property market. These measures, effective from July 2024, are designed to help first-home buyers, pensioners downsizing, and those looking to invest in new builds or off-the-plan properties.
Property Transfer Duty Concessions
Property Transfer Duty, commonly known as stamp duty, can be a significant upfront cost when purchasing property. To ease this burden, the Tasmanian government has implemented the following concessions:
- 50% Concession for New Apartments or Units: From 1 July 2024 to 30 June 2026, buyers purchasing new apartments or units valued at up to $750,000 can benefit from a 50% discount on Property Transfer Duty. This applies whether the property is off-the-plan or under construction, making it more affordable for buyers to invest in modern, energy-efficient homes.
- 100% Exemption for First-Home Buyers of Established Homes: First-home buyers purchasing established homes valued up to $750,000 are now eligible for a 100% Property Transfer Duty exemption. This full exemption, up from a previous 50% concession, applies to purchases made between 18 February 2024 and 30 June 2026. This is a major opportunity for first-home buyers to save thousands of dollars upfront and get into the property market.
- 50% Concession for Pensioners Downsizing: Pensioners who sell their current home and purchase a new, smaller property valued at up to $600,000 are eligible for a 50% reduction in stamp duty. This concession, extended to 30 June 2025, makes it easier for older Australians to downsize without facing high tax costs.
First Home Owner Grant
The First Home Owner Grant remains an essential support measure for those entering the property market for the first time. Starting from 1 July 2024, eligible first-home buyers can receive a $10,000 grant when purchasing or building a new home.
This grant, in combination with the Property Transfer Duty exemptions, makes homeownership much more attainable for first-time buyers in Tasmania.
How These Changes Benefit You
The new and extended concessions and grants offer substantial financial relief for a wide range of homebuyers and investors. Whether you’re a first-home buyer, a pensioner looking to downsize, or an investor interested in new builds, these concessions can help reduce the upfront costs of buying property and make homeownership more affordable.
At MIX Property Group, we’re here to guide you through these updates and help you take full advantage of the available opportunities.
Contact us today to learn more about how these changes can benefit your next property purchase.