Summary of Changes:
Applies to: Off-the-plan apartments, units, and townhouses.
Stamp Duty Calculation: Based on land value, not the total property price.
Availability: Effective for one year, ending 21 October 2025.
Eligibility: No cap on eligibility; available to all buyers, not just first-home purchasers.

The Victorian Government has made a groundbreaking change to stamp duty concessions, offering greater savings for buyers of apartments, units, and townhouses. This initiative is expected to significantly boost affordability for both homebuyers and investors across the state and will be available for the next 12 months starting from 21 October 2024.

What’s New About the Concessions?

Previously, stamp duty concessions were primarily available to first-home buyers and owner-occupiers, but they were capped by the property’s value—$750,000 for first-home buyers and $550,000 for owner-occupiers. Now, in a significant shift, the cap has been removed, meaning that the stamp duty concession applies to dwellings of any value. This offers greater flexibility for buyers, making property ownership more accessible and affordable across the board.

With the 12-month concession period in effect until 21 October 2025, buyers have a limited window to take advantage of these savings and secure their next property at a reduced cost.

Why Is the Government Making These Changes?

As the Victorian housing market continues to grow, the government is focused on increasing the supply of affordable housing options and encouraging high-density living in both urban and regional areas. By removing the concession cap, the government is making it easier for buyers to invest in apartments, units, and townhouses, fostering growth and enhancing property affordability.

How Amity Property Group Can Help You Save

At Amity Property Group, we understand the importance of acting quickly on opportunities like this. The uncapped stamp duty concession, available for the next 12 months, is a rare chance to save significantly on your next purchase. Whether you’re a first-home buyer, upgrading your home, or looking to invest in a rental property, these changes offer substantial savings across the market.

Our expert team is here to help you navigate this opportunity, offering advice on eligible properties and ensuring you maximize the benefits of these concessions. We have a diverse range of apartments, units, and townhouses across Melbourne and Victoria, and we’re ready to help you find the ideal property.

Contact us today to learn more about how you can take advantage of these stamp duty concessions before they expire on 21 October 2025.