The Tasmanian government's latest budget has failed to provide any help to the vast majority of first home buyers seeking to acquire property in the state, says the Real Estate Institute of Tasmania.

While the $20,000 first home builders boost has been retained until the end of 2015, the Tasmanian government's latest budget provides no support for those buying an established property even though the sale of established homes has helped raise almost $82 million in government revenue via stamp duty.

"Failing to assist all first home buyers not just those who can afford to build or buy a new home which are usually dearer properties is unfair and fails to assist those who need the help and assistance most," said REIT President Tony Collidge.

Areas like Launceston, the Northwest Coast, West Coast, outer Hobart and the East Coast would benefit significantly if the government allowed a first home buyer grant for established properties.

The institute said it understands the rationale behind implementing the building boost three years ago when the local building industry was struggling, but today the Tasmanian building industry is a growing industry with a buoyant outlook.

REIT has called for the government to waive stamp duty for purchases of land or existing dwellings up to $300,000 for first home buyers, together with a provision of a building incentive (between $5,000 and $10,000) for those building their first home.

It would like to see this means tested to ensure that assistance is only going to those who genuinely need it. Over the past 12 months, almost 1400 first home buyer sales were recorded in Tasmania, with 285 of these being first home builders purchasing land.

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