Victoria delivers amazing news for all off-the-plan homebuyers as it extends the off-the-plan stamp duty concession for another 12 months—boosting housing affordability and driving new construction.
The Allan Government initially introduced this concession in October 2023 as part of its Housing Statement, with an original end date of October 2025. However, the 2025/26 Victorian State Budget now extends it for an additional year.
I’ve outlined the key details below.
Extension Details:
- Eligible contract dates: 21 October 2024 – 20 October 2026 (updated timeframe)
- Applies to: Off-the-plan apartments, units, and townhouses within strata subdivisions (shared common property like driveways or foyers)
Financial Benefits:
- Stamp Duty Reduction: Buyers can deduct post-contract construction costs from the dutiable value, often reducing stamp duty by up to 75%
- Average Savings: The scheme has delivered average buyer savings of $24,517
- Example: A $620,000 apartment may attract only ~$4,000 in stamp duty instead of ~$32,000 under standard rules. See further examples below:
Who’s Eligible:
- All buyers qualify, including investors, companies, and trusts
- No income or property value caps
- Must be an off-the-plan build—does not apply to house-and-land packages or completed dwellings
Other Key Notes:
- Can be combined with other concessions such as the First Home Buyer exemption or Principal Place of Residence concession
- Foreign purchasers can access this concession but must still pay the full foreign purchaser duty surcharge
- Encourages construction in high-demand areas, particularly near new activity centres and public transport corridors
My Take:
I think the extension is a welcome move by the state government. Given the nature of the concession being linked to off-the-plan builds, time is needed to get new projects approved, and then pre-sold. So, providing an extension makes sense, given the need to incentivise new builds to meet demand for new properties.
If you are a buying off-the plan, Contact Us to check your eligibility and see how much you could save under this extended concession. We’re here to guide you through your options and help you maximise all available government incentives.