by Sanjeev Sah | Dec 03, 2024 | Market Updates

Victorian property investors could benefit from stamp duty savings over the next year.  

In October, the Victorian Government announced a temporary off-the-plan stamp duty concession to help cut upfront costs for buyers of properties under strata titles. This includes apartments and townhouses. 

The concession will be in effect for one year, from  21 October 2024 to 21 October 2025. It is available to owner-occupiers, investors, trusts and companies. Contracts must be entered into on or after 21 October 2024 within the 12-month period.   

Under the scheme, you can deduct construction costs incurred after the contract date from the property’s dutiable value, thereby lowering the duty payable. In other words, you’ll pay stamp duty based on the cost of the land before construction, not the total price of the finished property. 

Note that concessions do not apply to house-and-land packages or foreign purchaser additional duty.