Australia’s Victorian government announced on 14 May 2025 that it will extend its stamp duty concession for eligible “off-the-plan” homes for another 12 months.
The Victorian Budget 2025-26 will invest AUD 61 million to slash stamp duty for off-the-plan apartments, units, and townhouses for another 12 months, cutting upfront costs, speeding up building, and saving homebuyers an average of AUD 25,000.
Under these changes, anyone buying an eligible apartment, unit, or townhouse off-the-plan could claim the concession, not just first-time home buyers and owner-occupiers. Caps were also removed, so the concession was available for eligible properties of any value.
In October 2024, the concession was broadened to include all buyers of eligible off-the-plan apartments, units, or townhouses, while also eliminating property price caps.
The concession allows a 100% deduction of outstanding construction and refurbishment costs when determining how much stamp duty is owed.
A Victorian using this concession who buys off-the-plan could pay around AUD 28,000 less stamp duty on a AUD 620,000 apartment, with duty slashed from around AUD 32,000 to around AUD 4,000.
Tax cuts are just one way this Budget is helping to build more homes and make them cheaper to buy. It is also boosting the supply of rentals, giving more Victorians a home near where they want to live.
The measure will appear in the Victorian Budget for 2025-2026, which is scheduled to be released on 20 May 2025.
