$100m pledge to cut duty on homes

Queensland's Beattie Government has pledged to cut stamp duty for first-home buyers if re-elected in the upcoming state poll. The stamp duty exemption cut-off point would rise from $80,000 to $250,000. Labor would also raise the mortgage duty exemption from $100,000 to $250,000. Premier Beattie said that under the new stamp duty regimen a first-home buyer purchasing a median-priced Brisbane house at $310,000 would only pay $2,325. A median-price house purchase in Melbourne costs $17,700 in stamp duty and $16,600 in Sydney. If Labor is re-elected and the schemes are implemented, Queensland's south-east region is likely to become even more attractive. Thousands of people already migrate there from Sydney and Melbourne each year.