This is a bigger move than the threshold increases I've written about before. From this month, Queensland has removed stamp duty entirely for first home buyers on new homes or vacant land to build on, regardless of value. Not a higher threshold. Zero duty.
On a median-priced house and land package that's a saving in the order of nine thousand dollars, straight off the upfront cost of getting into a first home. That's a genuinely material number for anyone scraping together a deposit in this market.
It also continues the pattern I noted last year, policy consistently steering first home buyers toward new construction rather than established homes. Combined with the rate cuts landing at the same time, I'd expect this to add real fuel to demand in the new-build segment specifically over the rest of the year.