South Australia’s move to scrap stamp duty for downsizers is already gaining traction, with hundreds of buyers eyeing new homes and apartments.
Downsizers are flocking to South Australia’s newly introduced stamp duty abolition, with nearly 500 people registering interest in the two months since it came into effect.
First announced in the lead‑up to the South Australian state election as part of the Labor government’s housing platform, the stamp duty abolition applies to people aged over 60 buying a new home or an off‑the‑plan apartment valued at up to $2 million.
Nearly 500 people have registered their interest to access the stamp duty relief. Picture: Getty
It also applies to buyers aged over 60 purchasing vacant land valued at up to $1.2 million to build a new home.
Since the measure came into effect on March 25, following the re‑election of premier Peter Malinauskas’ government, 483 people have registered their interest with RevenueSA to access the stamp duty relief.
So far, 16 applications have been approved, with the average purchase price across applications nearing $1.2 million.
According to Premier Peter Malinauskas, Carmel Macri, the first South Australian to qualify for a stamp duty waiver on a new home, will be able to retire within three years due to the savings.
“We are putting tens of thousands of dollars back in the pockets of downsizers like Carmel who was the first to take advantage of this great opportunity,” he said.
“That decision now means that when she does retire she can do so with her mortgage fully paid off.”
SA treasurer Tom Koutsantonis said the measure would also stimulate housing supply by directing demand toward new builds and apartments.
“Removing stamp duty for downsizing to a new home achieves two clear objectives: it saves tens of thousands of dollars for people choosing to move to a new, smaller home,” he said.
“But it also adds to our overall housing stock by incentivising new construction.”
A broader housing push
The announcement follows a string of housing policies rolled out by the state government to stimulate housing supply and create clearer pathways to homeownership.
Most recently, SA announced it would fast‑track Australia’s first neighbourhood built exclusively for first‑home buyers, under the federal government’s plan to deliver 100,000 new homes nationwide.
The state has also released a consultation paper outlining plans for a pre‑sale guarantee for new apartment developments, following New South Wales, which was the first state to introduce the model in Australia and Western Australia.
Under South Australia’s $500 million Apartment Fast Track Fund, the government plans to act as guarantor for up to 50 per cent of apartments in off‑the‑plan developments.
It will work with industry and stakeholders to develop detailed eligibility criteria.
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