Victoria Introduces Stamp Duty Cuts for Off-the-Plan Homes to Boost Development

The Victorian government launches a 12-month initiative to reduce stamp duty on off-the-plan properties, aiming to stimulate housing construction and affordability.

• The new policy offers significant stamp duty savings for buyers of off-the-plan apartments, townhouses, and units, with potential savings of up to $28,000 on a $620,000 property.
• This initiative is part of a broader strategy by Premier Jacinta Allan to increase housing supply and affordability in Victoria, following recent policy announcements on urban density.
• The concession is available to all buyers, including investors, and applies to properties within strata subdivisions, excluding detached homes and house-and-land packages.
• The policy, expected to cost the government $55 million, is designed to counteract the slowdown in new developments caused by rising interest rates.
• Industry leaders have welcomed the move, viewing it as a positive step towards addressing housing affordability and encouraging investment in the Victorian property market.

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