In October 2024, the Victorian Government announced a temporary off-the-plan stamp duty concession to cut upfront costs for buyers of properties under strata titles, including apartments and townhouses.
Effective from 21st October 2024 to 21st October 2025, the initiative aims to boost housing supply and homeownership by reducing stamp duty costs. The concession is currently in effect.
Under the concession, purchasers can deduct construction costs incurred after the contract date from the property's dutiable value, lowering the duty payable. The concession is available to all buyers, including owner-occupiers, investors, companies, and trusts. However, contracts signed before the start date of the concession are ineligible. Any existing concessions remain unaffected. The concessions do not apply to house-and-land packages or foreign purchaser additional duty.
The measure, announced without waiting for legislative confirmation, is expected to receive royal assent shortly. Despite amendment requests from minor parties, it has broad support from both Labor and the Coalition in Parliament and had no issue passing through both houses.
Contracts must be signed during the prescribed twelve-month window to qualify.
For more details, consult the State Revenue Office page on the concession.