Toowoomba Ready for Boom

Toowoomba’s real estate industry is set for a boost thanks to a massive reduction in stamp duty rates. With prospective owner-occupiers now saving $7,000 on stamp duty costs for the average home thanks to State Government concessions, LJ Hooker Toowoomba agent Janet Reilly said she expects an influx of new buyers to enter the market and take out home loans.

“A $7,000 saving is a lot of money when you’re on a budget and might help a lot of buyers looking at a higher price bracket,” she said. The concession applies to any home valued at up to $500,000 that is the principal place of residence of the buyer. “This should be a big boost for Queensland,” said REIQ Toowoomba zone chairman, Dennis Duffy. “We’re now back to being one of the most affordable places in the country to buy a home.” Mr Duffy said he expected a boost in sales thanks to the scheme.