Housing News - Stamp Duty Savings

The Victorian Government recently announced changes to stamp duty concessions for off-the-plan units, townhouses and apartments across the State.

Stamp duty is essentially a government fee for transferring a property title into a different name (officially known as ‘land transfer duty’). The one-off upfront cost often presents as a significant hurdle for people looking to downsize or invest.

Taking immediate effect from 21 October 2024, stamp duty concessions are no longer capped to specific price points or first-home buyers – now, all buyers are stamp-duty exempt for eligible off-the-plan homes at any price point.

The one-year Government stimulus aims to make it more affordable for all buyers (including first home buyers, downsizers, owner occupiers and investors) to purchase off-the-plan homes in Victoria.

Take full advantage of potential savings

Thinking of buying off-the-plan in a regional location?

Hygge purchasers can now save on stamp duty when buying an off-the-plan apartment at Lyons Place in Ballarat Central or a townhouse at The Village in Daylesford.

Eligibility is based on the date the contract of sale is entered into. Purchasers are advised to seek financial advice to confirm eligibility and understand the implications of the new concessions.

For Lyons Place and any other projects under construction, purchasers should act promptly to take full advantage of the savings by starting their conversations early with local property agents.

While there is no cap on the concession - how much a purchaser will save depends on how much construction has already occurred at the time a contract is signed.

In South Geelong, purchasers can contact Hygge directly via The Bottleworks website to secure one of the last remaining townhouses completing soon and move in this year, with potential savings still available.

Image: A place to call home - Lyons Place in Ballarat Central - designed by Chamberlain Architects.