Victoria Introduces Temporary Stamp Duty Concession for Off-the-Plan Purchases

In response to Victoria’s cooling property market, the government has introduced a temporary stamp duty concession for off-the-plan land transfers. The initiative aims to support the purchase of dwellings, including apartments and townhouses in strata subdivisions, for the next 12 months starting Oct. 21, 2024. The new concession, expected to be legislated soon, targets buyers who do not qualify for the existing off-the-plan concession, allowing them to deduct construction costs incurred on or after the contract date when calculating the dutiable property value. “This concession is open to all buyers, including investors, companies, and trusts, with no requirement to qualify for other concessions like the principal place of residence duty concession or the first home buyer duty exemption,” according to the State Revenue Office of Victoria....