From August 1, the concession that non-first home buyers receive when buying a new or established home as their principal place of residence will be removed.
The decision to slash stamp duty concessions for all but first home buyers has been tipped to cause disaster for the local real estate industry, but before the change it could spark a mini sales spike said David Teasdale Principal of Teasdale Real Estate Deception Bay.
“It’s factoring into their thinking. Buyers that are already in the Market place know it would be wise to make a move before the cutoff date of August 1.
The Deception Bay real estate market has taken a particular battering seeing sales volume in the Month of June drop to a decade’s record low in transactions.
“I can see it tens of thousands of people are leaving the real estate industry but for those of us that have been through a few booms and bust before things will turn around soon enough.
“It’s true that a property will only sell for what the market is prepared to pay for it. So it’s tough time for sellers in this buyers market.