Stamp duty incentives for Melbourne LGA
Date: 8 Sep 21
The REIV is undertaking an initiative to collect and present a consolidated view of the properties eligible for the significant stamp duty concessions and exemptions announced in the 2021/22 budget. The REIV and Property Council Victoria are working together to help drive this initiative.
The incentive
There is a temporary land transfer (stamp) duty concession and exemption available for purchases of residential property, with a dutiable value of up to $1 million, located within the City of Melbourne local government area.
-
A 50% concession is available for new residential properties. It applies to contracts entered into from 1 July 2021 to 30 June 2022.
-
A full exemption is available for new residential properties that have remained unsold for 12 months or more since completion of construction. It applies to contracts entered into from 21 May 2021 to 30 June 2022.
The 50% concession applies after all other eligible benefits, such as the first home buyer duty concession, the principal place of residence concession (including any off-the-plan concession), and the pensioner concession have been taken into account. While foreign purchasers are also entitled to the concession or exemption, provided the transfer meets the eligibility requirements, it does not apply to the foreign purchaser additional duty component of the transaction.
The initiative
At this stage there is no centralised view of the residential properties are eligible for this concession or exemption. This makes it difficult for a potential buyer to identify such properties.
The REIV and Property Council Victoria are collating eligible listings from Members to present a consolidated view of eligible apartments on reiv.com.au. The REIV, Property Council Victoria and City of Melbourne are working together to help drive this initiative.
This first step: Submit your listing
The first step in this process is to collate the eligible listings. If your agency is selling a residential property that meets the criteria, please provide the information requested. REIV Member agencies can access this service at no charge. Please note the requirements below.
This consolidated view of eligible properties will assist in driving more visits to your property listing. The City of Melbourne is also expected to support this initiative through a public campaign, details to be confirmed.