Insights Library
Extension to off-the-plan stamp duty concessions passes Parliament
The State Taxation Acts Amendment Bill 2025 has now officially passed both houses of Victorian Parliament – extending the off-the-plan stamp duty concession for residential properties until 20 October 2026.
What you need to know:
- The duty concession will apply to ALL eligible buyers (not just first home buyers);
- Applies to off-the-plan residential apartments, townhouses, and strata units that have common property;
- There is NO value threshold on the concession;
- Potential savings and relief for purchasers: $28,000 on a $620,000 apartment (duty drops from ~$32,000 to ~$4,000!)
This is certainly a welcome move for both developers and purchasers navigating the challenges of the property industry and should provide further stimulus and relief in the off-the-plan sector across residential markets.
There has been some conjecture in recent media however regarding the “no value threshold” noting that even luxury penthouses would benefit from the stamp duty concessions. As an example, even the purchaser of a $10,000,000 luxury penthouse (with $7 million of construction costs) could see a stamp duty saving of $455,000 (from ~$630,000 down to ~$175,000).
The changes will take effect the day after Royal Assent and we will be monitoring for confirmation of this date.
For further advices please reach out to our team if you would like to understand how this may impact your upcoming transaction.
