Victorian buyers will have another 12 months to take advantage of the biggest savings available when buying a property.
The state’s government has just announced that buyers of off-the-plan properties won’t have to pay stamp duty for another 12 months, thanks to a new investment from the state’s budget.
First announced in October 2024, the Victorian government slashed stamp duty to cut costs, boost home building and encourage people to buy off the plan for 12 months until October 2025.
Now, the government has extended the cut for another 12 months – until October 2026 – with an investment of $61 million in the Victorian 2025-2026 budget to slash stamp duty for off-the-plan apartments, units and townhomes.
Under the concession, anyone buying an eligible off-the-plan apartment, unit or townhouse can claim the concession. Caps were also removed so it can be applied to an off-the-plan property of any value.
According to the state government, Victorian buyers who have claimed the concession saved $24,517 on average.
The Victorian government has extended the concession until October 2026. Picture: Getty
“Young people can’t afford homes in a housing crisis, and I’m on their side,” premier Jacinta Allan said.
“That’s why we’re slashing stamp duty for off-the-plan units and townhouses – to build more homes and make them cheaper to buy.”
Under the concession, 100% of outstanding construction and refurbishment costs can be deducted to determine how much stamp duty is owed.
The amount saved depends on how much construction has occurred, with estimates showing someone buying an off-the-plan apartment is likely to pay about a quarter of the stamp duty they would pay without concession.
An eligible apartment, unit or townhouse is one that is in a strata subdivision – meaning they retain common property such as a driveway or a shared hallway.
“We have listened to industry, and we’re acting,” Victorian treasurer Jaclyn Symes said.
“This isn’t just great news for homebuyers trying to get into the market. It’s also a huge win for homebuilders.”
Other investments
As part of the state’s budget, the government also announced $24 million to deliver 50 of its train and tram zone activity centres.
These will help inform where new homes should be built around some of Melbourne’s busiest public transport routes. The initial round of consultation is now open for the first 25 zones.
The budget also outlined $12.1 million to deliver more homes with backyards in the outer suburbs. According to the government, this funding will begin planning work for 13,200 new homes through two new Precinct Structure Plans at Clyde South in Melbourne’s south-east and Derrimut Fields, west of Melbourne.
Are you interested in off-the-plan homes? Check out our New Homes section.
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