Victoria Slashes Stamp Duty on Off-the-Plan Homes, Boosting Buyer Savings and Developer Incentives

The Victorian State Government has announced a significant reduction in stamp duty for off-the-plan units, townhouses, and apartments, effective immediately for the next 12 months. This initiative not only provides financial relief to homebuyers but also incentivizes developers to increase construction, as it is expected to boost demand for new housing projects. By cutting costs for buyers, the government hopes to stimulate both the housing market and new developments across the state.

Under the new scheme, the stamp duty concession will be uncapped and available to all buyers, regardless of their income or whether they are first-time homeowners. The government estimates that for a new apartment valued at $620,000, the stamp duty will drop from $32,000 to just $4,000, offering a substantial saving of $28,000.