Starting from October 21st, 2024, homebuyers in Victoria will have an unprecedented opportunity to save thousands of dollars on stamp duty. The Victorian Government has launched a new, temporary stamp duty concession aimed at boosting property purchases and helping homebuyers get into the market—whether you're a first home buyer, an upsizer, downsizer, or investor.
For the next 12 months, buyers of off-the-plan properties, including brand new apartments and townhouses, will only pay stamp duty on the land value before construction begins. This means significant savings. For example, if you were purchasing an apartment worth $620,000, the previous stamp duty costs of $32,000 would now drop to just $4,000.
The concession is a major game-changer because it’s open to all buyers, not just first home buyers. Whether you’re an existing homeowner looking to upgrade or downsize, or an investor ready to expand your portfolio, you’ll benefit from this temporary relief. Previously, concessions were only available for first-home buyers of properties under $750,000 or for owner-occupiers buying homes under $550,000. Now, that barrier has been lifted, opening the door for more buyers across the board.
Stamp duty is one of the most significant hurdles keeping buyers out of the property market. By significantly reducing this upfront cost, the Victorian Government hopes to fuel demand, encourage developers to bring projects forward, and boost the supply of new homes. The concession is part of their larger commitment to build 80,000 new homes each year, addressing the ongoing housing supply crisis.
While 12 months might seem like plenty of time, finding the right property, securing financing, and making sure you're ready to purchase can take longer than you think. Plus, with an opportunity this good, competition is sure to rise quickly as the program progresses. Waiting too long could mean missing out on the best deals, as demand for off-the-plan properties skyrockets in the coming months.
And let’s not forget: just as quickly as the cost of purchasing property has dropped, in 12 months, those savings will vanish when the concession ends, and stamp duty costs revert to their usual levels.
At The Property Mentors, we understand the property market inside and out, and we have an extensive network of developers across Victoria and the rest of the country. This means we can help you find the best opportunities that arise from this exciting new program. Our expertise will ensure you not only secure a great deal but also invest in a property that aligns with your long-term financial goals.
The clock is ticking on this extraordinary opportunity, so don’t wait to take the next step. Reach out to The Property Mentors today to explore how you can take advantage of the Victorian Government’s new stamp duty concession. Don’t let this opportunity pass you by—secure your property now and save thousands!
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