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Foreign property buyers ‘will not face new state taxes’

State taxes will not be changed for foreign property investors.

There will be no new state taxes introduced for overseas property investors purchasing a house in Queensland, according to the treasurer.

Curtis Pitt reassured foreign buyers that recently announced changes in Victoria regarding stamp duty and land tax surcharges will not be replicated in the Sunshine State.

From July this year, overseas investors hoping to enter the Victorian real estate market will need to pay a 3 per cent stamp duty surcharge, while a 0.5 per cent land tax levy will be introduced in 2016.

However, Mr Pitt quickly ruled out similar charges for those interested in Queensland properties. In fact, he said the state is keen to attract investment from abroad.

"In the lead up to the election, we made it very clear that we wanted to provide certainty to businesses and investors, and that we would not be changing the existing revenue policy settings this term of government," he explained.

Anyone unsure about state taxes relating to property purchases in Queensland are advised to contact local conveyancing specialists to ensure the process runs smoothly.

Activity in the real estate market could be set to climb following the Reserve Bank of Australia's recent reduction in the base interest rate. The institution lowered the key economic indicator to record lows of 2 per cent in May.

Property Council of Australia Queensland Executive Director Chris Mountford said the Palaszczuk government's decision to maintain state taxes at the same level should be applauded.

"This action will strengthen Queensland's position on the global investment map. In particular, it creates a compelling case to invest in Queensland over Victoria," he stated.

For more information on buying, selling or developing properties in Queensland, please get in touch with experienced lawyers who are adept at dealing with all areas of conveyancing.