Happy news for everyone waiting until the investors get burned before getting into the real estate market.
Andrew Barr has announced stamp duty concessions:
The ACT Government Home Buyer Concession Scheme (HBCS) provides a discount on stamp duty for eligible households purchasing a new property as their principal place of residence. As long as the purchaser meets the eligibility criteria including the income test, a discount is provided.
From 5 June 2013, the income limit will be further increased from $150,000 to $160,000 per household. Under this reform, an estimated 70 per cent of Canberra households will be eligible for the concession against this criteria. Properties worth under $425,000 will only incur Stamp Duty of only $20. Properties between $425,000 and $525,000 will pay a discounted duty.
A purchaser can also be eligible for both the First Home Owners Grant and HBCS. For example, an eligible first home buyer who purchases a house and land package worth $415,000 will pay only $20 in Stamp Duty and will receive a $12,500 cash payment.