Victoria Off-the-Plan Stamp Duty Discount (2024–2026)
Looking to buy an apartment or townhouse off the plan in Victoria? Good news — the Victorian Government has introduced a temporary stamp duty concession that could save you thousands. This update is part of a broader plan to make new homes more affordable and give the construction sector a boost.
Let’s break it down.
Key Dates: When Does It Apply?
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Available for contracts signed between 21 October 2024 and 21 October 2026.
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Applies to off-the-plan purchases only (not established properties or freestanding homes).
What Kind of Properties Qualify?
To be eligible:
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The property must be off-the-plan and part of a strata subdivision with shared areas (e.g., apartments, duplexes, or townhouses with common property).
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House and land packages and stand-alone dwellings do not qualify.
How the Concession Works
Here’s the unique part — buyers can exclude construction costs incurred after the contract date when calculating the dutiable value of the property.
✅ This reduces the stamp duty payable — in some cases, significantly.
📌 There’s no price cap, so even high-end apartments may benefit.
Who Is Eligible?
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First home buyers, investors, companies, and trusts are all eligible.
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Foreign purchasers can apply too, but they will still pay the Foreign Purchaser Additional Duty (FPAD) on the full, pre-concession price.
Example
If you sign a contract for a $900,000 apartment where $400,000 of construction occurs after contract signing, the dutiable value might only be $500,000 — that’s what your stamp duty would be based on.
Official Info
For more details, visit the State Revenue Office Victoria website.
🗨️ Need Help Navigating the Grants and Concessions?
Every buyer’s situation is different — if you’re not sure what you qualify for or how to structure your purchase for maximum savings, we’re here to help.
📅 Book a free chat with Mortgage Choice— we’ll walk you through it.
