Victoria’s housing market just received a significant boost with the extension of the off-the-plan stamp duty concession until October 2026. This initiative, backed by a $61 million investment in the 2025–26 state budget, allows buyers of off-the-plan apartments, units and townhouses to pay stamp duty based solely on the land value at the time of contract signing, rather than the full property price upon completion. This change has led to substantial savings, with buyers reportedly saving an average of $24,517.
Previously, stamp duty concessions were capped and primarily targeted at first-home buyers. The updated policy removes these caps, making the concession available to all buyers, including investors, regardless of the property's value. This move aims to stimulate the construction of new homes and make housing more accessible.
Stamp duty often represents a significant upfront cost for homebuyers. By reducing this burden, the Victorian government hopes to encourage more people to purchase new homes, thereby increasing housing supply and addressing affordability issues. For instance, if a buyer purchased an off-the-plan apartment for $620,000 prior to construction, the stamp duty would be calculated on the land value, seeing them pay approximately $4,100* in stamp duty, rather than $32,000*, saving the buyer over $27,000*
At Norus Projects, we are committed to providing quality off-the-plan developments that align with these new incentives. Our projects in Sandringham, Burwood and Ivanhoe offer modern living spaces designed to meet the needs of today’s buyers. With the extended stamp duty concession, purchasing a home in one of these vibrant communities becomes even more attainable.
If you’ve been considering buying a new home, now is an opportune time to explore off-the-plan options. The extended stamp duty relief not only reduces upfront costs but also supports the growth of thriving communities across Victoria.
Discover how Norus Projects can help you find your ideal home in Sandringham, Burwood or Ivanhoe.
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