| Rush to beat stamp duty grab on homes |
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PROPERTY sales in Cairns have surged as buyers rush to beat a change in State Government stamp duty regulations that will add thousands of dollars to the cost of a home.
With sales leaping to a 12-month high, Cairns real estate agents predict the rush will continue over the weekend with open inspections predicted to attract high levels of interest before the new tax regime begins on August 1. The current transfer duty for owner-occupiers of a $300,000 home is $3000. From August 1 this will rise to $8925. The tax on a $500,000 house will jump from $8750 to $15,925. However, first-home buyers remain stamp duty exempt on purchases up to $500,000. The Government expects to save about $160 million next financial year by abolishing the 30-year-old system of concessions on stamp duty. Cairns real estate agents say the region has recorded a 12-month high in property sales as buyers rush the property market to beat the price increase. Lucas Sexton, of Powe Property, said his agency was averaging one sale a day since the start of the month. Mr Sexton said inner-city apartments and one/two bedroom units had been popular. |