South Aussies Over 60 Skip Stamp Duty on Downsizes

0:00South Australia's age 60 and over can now downsize to a new home or off-the-plan apartment without paying stamp duty, as long as the property is, valued up to $2 million. The change kicked in today for all new contracts, fulfilling a key election promise from Premier Peter Malinowskas, right as his new cabinet was sworn. In, this reform aims to cut costs by up to $103,830 per buyer, making it easier for seniors to move into. Smaller spots. It should free up larger family homes while boosting construction of fresh housing stock across the state. On top of that, the government rolled out a $1 billion plan to speed up development, including $500 million each for land, unlocking and apartment guarantees in the city center. They're also adding training for 1,000 more construction workers and 2,000 rent to own homes to help renters buy. Industry leaders are already noticing a shift, with downsizes jumping at the chance to save big and get moving. Others say it's breaking down barriers and sparking more market activity.

1:03As these measures take hold, expect steadier housing turnover and faster bills to help meet the state's goal of $13,500 new. Homes each year. That's the story for today. Adelaide News Today, Driven by AI