Exciting news for all property buyers! As of today, stamp duty has been dramatically reduced for those purchasing off-the-plan units, townhouses, and apartments, thanks to a new 12-month stimulus plan by the Victorian Government.
This initiative is designed to encourage more developments and make housing more affordable, saving buyers tens of thousands of dollars.
Key Highlights
Immediate savings
Effective from October 21, 2024, the expanded concession will be available for 12 months, helping buyers reduce upfront costs significantly.
Uncapped and open to all
Buyers at any price point can benefit. For instance, a new apartment valued at $620,000 will incur just $4,000 in stamp duty, a massive saving of $28,000.
Applies to off-the-plan purchases only
Eligible properties must be part of a strata subdivision (e.g., units, apartments, townhouses). Detached homes and house-and-land packages are not included.
Savings vary by construction stage
Properties still under construction will see reduced duty based on completion stages. If the property hasn’t started construction yet, you could save up to 75% of the typical stamp duty.
