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The Victorian Labor government will invest $61 million to remove stamp duty for another year on off-the-plan apartments, units, and town houses.
Part of the 2025–26 state budget, which will be handed down in full on 20 May, the government is saying home buyers will save an average of $25,000.
Anyone looking to buy an eligible property is able to access the concession.
Victorian Premier Jacinta Allan said the expansion is in a bid to get more young people into homes.
“Young people can’t afford homes in a housing crisis, and I’m on their side,” she 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.”
The Allan government said it won’t only be cheaper for people getting into home ownership, but the plans will make construction faster and less costly.
The expansion comes off the back of the introduction of off-the-plan stamp duty concessions in October of last year.
Since then, those claiming the concession have saved $24,517 on average.
The initiative was supposed to end in October 2025 but will continue for another 12 months.
“We have listened to industry, and we’re acting. This isn’t just great news for homebuyers trying to get into the market. It’s also a huge win for homebuilders,” said Treasurer Jaclyn Symes.
This concession provides a 100 per cent deduction on remaining construction and refurbishment expenses when calculating stamp duty.
The savings vary depending on the stage of construction, but buyers typically pay about a quarter of the standard stamp duty when using this off-the-plan concession.
To qualify, the apartment, unit, or town house must be part of a strata subdivision, which includes shared common property like driveways or hallways.
The budget is reportedly prioritising the construction of housing near amenities.
“As our city grows, we’re determined to help more Victorians to buy their own affordable, energy efficient and well-built home that’s close to public transport, jobs and services,” Minister for Housing and Building Harriet Shing said.
The budget will also allocate $24 million to establish 50 train and tram zone activity centres in Melbourne’s inner and middle suburbs, supporting the construction of more apartments, town houses, and units in high-demand areas close to public transport.
An additional $12.1 million will boost housing supply in outer suburbs, prioritising family homes with backyards.
This funding will fast-track planning for 13,200 new homes and create 8,600 jobs in growth areas, with two new precinct structure plans for Clyde South and Derrimut Fields.
