Almost 500 South Australians have registered interest in a new stamp duty relief scheme for downsizers, according to figures released by the State Government, with officials arguing the measure could ease housing costs for older residents while encouraging new housing construction.
The initiative, introduced on 25 March following a state election commitment by the Malinauskas Government, removes stamp duty for eligible South Australians aged 60 and over who purchase a smaller newly built home or off-the-plan apartment valued at up to $2 million. The concession also applies to vacant land worth up to $1.2 million where a new home will be built.
Government figures show 483 people registered interest with RevenueSA during the first two months of the scheme. Sixteen applications were approved over the same period, with the average purchase price among successful applicants recorded at $1,146,500.
The stamp duty exemption can deliver savings of up to $103,830 for eligible buyers. Funding for the measure, estimated at $75 million over four years, is expected to be included in the State Budget.
The Government says the policy is designed to support older South Australians looking to move into homes that better suit their needs while creating demand for newly built housing. By focusing on new homes, off-the-plan apartments and vacant land, the measure aims to increase housing supply rather than simply shift demand within the existing market.
Premier Peter Malinauskas said the early level of interest showed many South Australians were considering taking advantage of the concession.
He said the measure provides cost-of-living relief for downsizers while supporting housing growth and helping eligible residents retain more of their savings as they prepare for retirement.
One of the first people to benefit from the scheme was South Australian resident Carmel Macri, who became the first approved recipient of the stamp duty waiver after learning about the policy through media reports and asking her conveyancer to check her eligibility.
Macri said the savings would allow her to enter retirement with her home fully paid off, something she had previously not expected to achieve.
“This really has changed my whole life. I feel like now I can breathe again,” she said.
“What I’ve saved on the stamp duty will mean I can enjoy my retirement stress free, with a mortgage-free home.”
Treasurer Tom Koutsantonis said the policy reflected the Government’s broader election commitments aimed at reducing costs for South Australians while encouraging housing development.
Alongside the stamp duty announcement, the Government has also released a consultation paper outlining plans for a proposed $500 million Apartment Fast Track Fund. Under the proposal, the State Government would act as guarantor for up to 50 per cent of dwellings in eligible off-the-plan apartment developments, with the aim of helping projects commence construction sooner.
The proposal is now subject to consultation with industry stakeholders, with the Government seeking feedback before finalising eligibility criteria.
While the Government argues the combined measures will help boost housing supply and improve affordability, the long-term impact on housing availability and market activity will depend on uptake levels and broader economic conditions.
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