Wyndham has topped the state for the number of first-home buyers exempted from paying stamp duty.
Between July and September this year, 202 Wyndham residents were granted an exemption from paying the tax.
Another 51 people buying a home in the municipality were granted a reduction in the amount of stamp duty they paid.
All together, the 253 stamp duty transactions amounted to eight per cent of all those conducted within Victoria, during the three months.
The municipality of Casey in Melbourne’s south-east was second on the list, with 164 exemptions and 52 reductions in stamp duty.
Earlier this year, the state government announced it would introduce new stamp duty laws for eligible first-home buyers.
The changes, which came into effect on July 1, meant that people buying their first home do not have to pay stamp duty, as long as the property they buy has a dutiable value (which generally means the price or market value at time of contract, whichever is greater) of $600,000 or less. At least one of the buyers must also use the property as their main home.
As well, eligible Victorians buying a first home with a dutiable value of between $600,001 and $750,000 receive a concession in the amount of stamp duty they must pay.
The concession applies on a sliding scale, so the closer the home’s value is to $600,001, the greater reduction in stamp duty.
Werribee MP Tim Pallas said that across the state, the new legislation had saved first-home buyers from paying $37 million in stamp duty between July and September.
“We implemented these reforms to make it easier for first-home buyers to crack into the housing market, and already we’re seeing a very strong uptake,” Mr Pallas said.
“We know that getting started in the housing market is difficult.”
