We’re excited to share some important news that could significantly benefit your clients who are looking at purchasing apartments, units, or townhouses off the plan.
Starting today, the Victorian Government has announced a major stamp duty concession for all off-the-plan purchases as part of new measures aimed at stimulating the housing market. Here’s a breakdown of what you and your clients need to know:
Who qualifies?
Anyone buying an apartment, unit, or townhouse off the plan in a strata subdivision (properties that share driveways or hallways) is now eligible for these expanded concessions.
Who doesn’t?
House and land packages, as well as properties not part of a strata subdivision, won’t qualify for the extended concessions.
First-home buyers-
Existing stamp duty exemptions and concessions for first-home buyers remain unchanged. This includes exemptions for homes valued up to $600,000 and concessions for homes valued up to $750,000.
How long will the scheme last?
The expanded concessions are only available for one year, ending on October 21, 2025.
Under-construction developments-
Buyers of properties currently under construction will still be eligible, but the stamp duty will be calculated based on the amount of construction completed at the time of purchase.
This is a significant move by the Victorian Government to reduce upfront costs for buyers and help developers meet their pre-sale requirements, which will lead to more housing projects getting off the ground sooner.
If you or your clients have any questions or need assistance navigating these changes, please don’t hesitate to reach out. We’re here to help.
