Victoria extends off-the-plan stamp duty concessions

Yesterday, the Victorian Government announced it will invest $61m in next week's Victorian Budget to slash stamp duty for off-the-plan apartments, units and townhouses for another 12 months.

The concession allows a 100 per cent deduction of outstanding construction and refurbishment costs when determining how much stamp duty is owed.

The government first introduced the concession in October 2024, allowing anyone purchasing an eligible off-the-plan apartment, unit or townhouse to claim the benefit.

The concession was due to expire in October 2025, and has been extended until October 2026.

The Property Council welcomes the extension of the concession but is disappointed it continues to exclude Torrens-titled (non-strata) townhouses - an inclusion they called for in the 2025-26 Pre-Budget Submission.

A longer timeframe would also provide greater industry certainty, enabling developers to initiate and complete new projects with confidence.

Property Council Victorian executive director Cath Evans said that while this is a step in the right direction, the extension is not enough in itself to bolster the industry at a time when it needs it most.

"We are hopeful that the upcoming state budget will also see further announcements for the property sector, such as tax relief measures and greater support for first homebuyers" she said.

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