The property industry has welcomed the announcement that first home buyers will be exempt from paying stamp duty in the ACT.
The announcement, which came ahead of the 2026-27 territory budget, is an Australian first.
Canberra-based mortgage broker Melita Beilicz said she could think of a number of clients who were currently saving for their first home who could potentially be in a position to buy following the changes.
"I can think of people straight off the bat who fall into this category," Ms Beilicz said.
"This is going to mean that you might be there now, you don't need to keep saving. It's going to be a substantial savings for people."
Housing reform was the centre piece of this year's budget, with $641 million announced ahead of time for affordable, community and public housing. The territory's five-year land-release program, which was also released ahead of budget day, planned to release enough land for 25,000 new homes.
Those who buy new unit-titles will also be exempt from stamp duty under the new rules, as will eligible pensioners.
Previously, first home buyers in the ACT who earned less than $250,000 were able to avoid stamp duty if they purchased a home worth $1 million or less.
Under the new scheme, all first-time home owners, regardless of income will be eligible for the exemption.
The average home in the ACT is currently worth $890,555, according to the latest Cotality Home Value Index. Purchasing that home would attract $30,495.40 stamp duty, the government's online calculator showed, if no exemptions applied.
Real Estate Institute ACT chief executive Maria Edwards said the changes would eliminate a major barrier for first home buyers.
"It is really positive. We have a great first-time buyer cohort in the ACT anyway, but this is just going to stimulate that economy a bit more," Ms Edwards said.
"There will be people with all sorts of price points that will be able to get into the market a bit more easily than when they had to actually come up with the stamp duty," she said.
However, Ms Edwards said first home buyers could still be restricted by reduced borrowing capacity due to consecutive rate rises, strata costs and general residential rates.
Ms Edwards was disappointed in the lack of incentives for investors, which were needed to ensure rental properties were available.
Last month's federal budget also targeted property investors through changes to negative gearing and capital gains taxes which were intended to open the market to first home buyers by making purchasing property unattractive to landlords.
"If the pressures continue on the investors, then obviously the number of investment properties will go down," Ms Edwards said.
"Investors are obviously still going to have to pay stamp duty, they're still going to have to pay land tax. They're going to have to cop those costs and that's not going to help the availability of rentals for people who can't afford to buy a house now, or don't want to buy a house."
