The State Government has waived stamp duty for more than 40 downsizers since March, saving South Australians more than $2.25 million in costs on the purchase of their new homes.

The success of the Government's election commitment providing stamp duty relief for seniors is underlined by a leading developer reporting a massive increase in enquiries from downsizers over the past two months.

Cedar Woods, the nationally acclaimed developer behind several urban renewal projects across South Australia, including the Glenside development, says they have seen a 25 per cent increase in enquiries since the scheme was announced.

Cedar Woods has sold 12 new homes to downsizers planning to apply for the relief, with eligible buyers set to save up to $98,000 on a three-bedroom apartment.

Stamp duty will be waived entirely for people aged 60 or over who are selling their home and buying a smaller, newly built home or off-the-plan apartment worth up to $2 million.

It also applies to seniors purchasing vacant land valued up to $1.2 million on which to build a new home.

Since the scheme began on March 25, a total of 41 downsizers have had their stamp duty waived, saving a combined $2,253,187.50. The average saving per transaction was $54,955.79. Several more applications are currently being processed, which will add almost $500,000 to the total of stamp duty waived.

The scheme has been budgeted at $75 million over the next four years.

The policy is a key part of the State Government's broader housing plan, designed to free up family homes for the next generation of buyers, while further stimulating the construction of new homes.

As older South Australians sell their family homes and transition into housing that better matches their lifestyle, those homes are released back into the market, creating opportunities for first home buyers and growing families to take their next step on the property ladder.

The State Government has backed in Cedar Woods’ bold ambition to deliver more homes at Glenside by increasing building heights from 8 to 20 storeys in the north-west corner of the Glenside development, closest to the CBD.