Brisbane FHBs to get reduction in first year council rates

Brisbane first home buyers will have their rates cut following the budget announced last week by the Lord Mayor Adrian Schrinner.

Overall residential rates will increase on average by 2.5 per cent.

Cr Schrinner said the budget included a new assistance package for first-home buyers, who will be given a one-off 50 per cent rates reduction if their property is valued at less than $750,000 – with the total saving capped at $1000.

Cr Schrinner said that the move would ensure “targeted cost-of-living relief” at a time when residents were often stretched with their finances.

“Just when you think you’ve paid all of the one-off expenses to get into your new home, another unexpected bill always seems to come along,” he said.

“We recognise how important home ownership is and we want to see more ­people getting into the market and owning a piece of Brisbane to call their own.”

“The budget outlines plans to get people home sooner, to build a better Brisbane and protect our lifestyle with ­unprecedented investment in growing our city’s green space,” he said.

More Queenslanders are deciding to renovate homes rather than sell, with the state government budget calculating purchases are expected to fall 5.5 per cent in the 2018-19 financial year and dipping a further 3 per cent in 2020-21.

Stamp duty revenue expectations are down with residential returns likely to fall 13 percent this financial year and 15.6 percent in 2019-20.