Stamp duty relief is will be included in next week’s state budget
The state government announced on Wednesday that they will invest $61 million to slash stamp duty for off-the-plan apartments, units and townhouses for another 12 months in an effort to help millennials get into the housing market.
The government claims the continuation of the stamp duty concession will save homebuyers an average of $25,000 by cutting upfront costs and speeding up the building process.
In October 2024, the government expanded an existing off-the-plan stamp duty concession making anyone buying an eligible apartment, unit or townhouse off-the-plan eligible.
Originally offered for 12 months and due to expire in October 2025, the concession will now be extended for another year.
The concession allows a 100 per cent deduction of outstanding construction and refurbishment costs when determining how much stamp duty is owed.
According to the government, this means those using the concession who buy off-the-plan could pay around $28,000 less stamp duty on a $620,000 apartment – with duty slashed from around $32,000 to around $4,000.
“Young people can’t afford homes in a housing crisis, and I’m on their side,” said Premier Jacinta Allan in announcing the extension of the stamp duty concession.
“This isn’t just great news for homebuyers trying to get into the market. It’s also a huge win for homebuilders,” added Treasurer Jaclyn Symes.
For more information, visit: sro.vic.gov.au/offtheplan.
