The State Government has announced that it will officially abolish stamp duty for all first homebuyers who buy or build a new home.

And in further good news for those looking to enter the housing market, the First Home Owner Grant will be extended to all new buyers, regardless of property price.

Previously, stamp duty exemptions and the First Home Owner Grant were only available to buyers purchasing properties valued at $650,000 or less.

With the abolition of property value limits, a first homebuyer who purchases a new dwelling broadly in line with the median house price of $750,000 will receive a benefit of over $50,000, including the First Home Owner Grant of $15,000.

The stamp duty exemption will be available to all first home buyers who buy a new home (including a house, flat, unit, townhouse or apartment), an off-the-plan apartment, a house and land package or vacant land to build a new home.

The changes will come at a cost of $30 million over four years.

Master Builders SA CEO Will Frogley said it was great news for any South Australians dreaming of owning their own home.

“It’s also a great day for builders, tradies, suppliers, apprentices and all of the more than 80,000 South Australians directly employed in our industry,” Mr Frogley said.