Off-the-plan stamp duty concessions increased

Homebuyers buying off-the-plan will pocket more savings as the off-the-plan stamp duty concession will temporarily increase to $1m. 

While the number of off-the-plan property searches have been steadily increasing over the past three months, this recent update is expected to result in a spike in interest. The threshold will apply for contracts entered into from 1 July 2021 to 30 June 2023, giving purchasers ample time to find an off-the-plan apartment or townhouse best suited to their lifestyle. This government incentive also offers first-home-buyers an affordable entry into the property market.

Eligible first-home-buyers in NSW and VIC will receive $10,000 for new homes and are also entitled to the stamp duty discounts, while QLD offers qualified first-time purchasers $15,000 when buying or building a new home. 

Mark Bainey, Chief Executive of Sydney-based property developer Capio Group commented to AFR that interest in medium-density off-the-plan developments outside the CBD has skyrocketed with purchasers showing more interest in townhouses and larger apartments. 

These concessions for stamp duty are designed to encourage the purchase of new homes, particularly those in the inner-city. 

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