22 Oct Stamp Duty savings: Victoria off the plan purchases
The Victorian Government has introduced significant Stamp Duty savings for buyers of the off-the-plan properties commencing from 21st October 2024 for 12 months.
Who can access the concession?
The new concession package will remove the existing Stamp Duty cap applicable to first home buyers and owner occupiers and will open the concession to anyone buying an apartment, unit or townhouse off-the-plan, including investors.
Buyers of strata-titled apartments, units and townhouses will be eligible for Stamp Duty concessions.
How much will I save?
The amount of stamp duty paid will be calculated based on the cost of the land prior to construction, not the total price of the finished property.
Example of savings:
A Victorian who buys an off-the-plan apartment for $620,000 – with the land valued at $77,500 – would pay just $4000 in stamp duty, rather than $32,000 – a $28,000 reduction.
Note: For properties under construction, stamp duty will be based on land value and amount of construction that has already been completed.
Want to know more? interested in buying property in Victoria?
Call us on 1300 784 246 , email us at [email protected] or visit out website www.spect.com.au
