Queensland residential real estate to increase 3% more for foreign buyers from 1 October 2016

The Qld State Budget earlier this week announced:

“The Government will introduce a 3 per cent transfer duty surcharge to be applied to foreign purchasers who acquire residential property in Queensland from 1 October 2016. This will ensure that foreign purchasers of residential land, who benefit from Government services and infrastructure, make a contribution to their delivery. This measure will have no direct impact on Queensland residents.”

The budget papers state that this is predicted to raise $90M over the next 4 years.

Source: Budget Measures 2016-17

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