Navigating the Property Market in Melbourne: Tips for First-Time Homebuyers
Purchasing your first home is both an exciting milestone and a daunting challenge. The dynamic property market in 2024 presents unique opportunities...
4 min read
Norus Blog : May 30, 2025 3:32:00 PM
The Victorian Government has introduced a temporary off-the-plan land transfer (stamp) duty concession, effective from the 21st of October 2024. This initiative, under the Duties Amendment (More Homes) Act 2024, offers significant savings for buyers of off-the-plan apartments and townhouses within strata subdivisions with common property.
Unlike previous concessions aimed at first-home buyers and owner-occupiers, this new scheme is available to all buyers, including investors, companies and trusts. It applies to off-the-plan contracts signed between 21 October 2024 and 21 October 2025, reducing the upfront financial burden for purchasers.
When buying off-the-plan, you can deduct construction costs incurred after signing the contract from the dutiable value, which reduces the stamp duty payable. The earlier you purchase in the development cycle, the greater the deduction and savings.
The existing off-the-plan concession for eligible owner-occupiers and first-home buyers remains unchanged, creating multiple pathways for reduced stamp duty.
Your savings depend on when you purchase during the development cycle:
Michelle signs a contract to buy an apartment off the plan for $1 million on 1 December 2024, before any construction work has begun. The vendor advises Michelle that $400,000 of the contract price will be spent on constructing her apartment. Michelle intends to rent out her apartment upon construction.
Michelle is able to deduct the construction costs when calculating the dutiable value of the property, which results in the dutiable value coming down to $600,000 ($1 million − $400,000).
If at the time of signing the contract construction was 50% complete, then the construction costs which can be deducted are $200,000 ($400,000 × 50%) and the dutiable value would be $800,000 ($1 million − $200,000).
Our recent developments, including Beach Point Sandringham, Sanctuary Sandringham and our newest project, Park View Burwood and Riverbend Ivanhoe, showcase the benefits of off-the-plan incentives. These projects offer a combination of premium locations, architecturally designed residences and high-end finishes, ensuring long-term value for buyers. With the introduction of this temporary stamp duty concession, investors and owner-occupiers alike can maximise their savings while securing a property in sought-after suburbs. The opportunity to purchase early in the development cycle not only results in significant duty reductions but also allows buyers to personalise their new home with premium upgrade options. With our proven track record of delivering quality projects on time, there’s never been a better time to invest in off-the-plan living.
Generally, your conveyancer, solicitor, financial institution or their agent applies for the concession through Duties Online and completing the Digital Duties Form. The developer will provide construction percentage details and the system will automatically apply the discount.
This limited-time opportunity is a game-changer for investors and homebuyers. With no price cap and eligibility extended to all buyers, it’s prime time to secure an off-the-plan property at a significantly reduced upfront cost.
If you’re considering buying, timing matters! The earlier in the project cycle you purchase, the greater your savings.
Want to explore eligible off-the-plan properties? Get in touch today and take advantage of this temporary duty concession!
*Please refer to the Federal and State Government websites for further information. Terms and Conditions apply to any other promotions that may be contained within this communication. Please enquire within and check with the vendor and agent for further terms and conditions. Only one promotion can be used per purchase and can not be used in conjunction with any other promotions. The information contained herein is given for general information purposes only and it is subject to change. Readers, viewers and consumers are advised to perform their own research and investigations and obtain their own financial, legal and other advice. The information and materials do not form any representation by any vendors or agents of any vendors and may include third-party opinions that do not represent the opinion of any vendor or agent. They do not form part of any contract of sale and they do not constitute legal, financial, real estate or other advice and must not be regarded or relied upon as such. No warranty is given either expressly or implied and the vendors or agents do not assume liability for negligence or otherwise with respect to the contents herein. Any plans are yet to have had their structural and services review so are subject to change prior to completion of construction. All plans, dimensions, areas and particulars herein whether by measurements or visual representation are approximate only, for general information only, and do not constitute any representation by the vendor or its agents or representatives. They do not form part of any contract of sale. Changes will undoubtedly be made during development and dimensions, fittings, finishes and specifications are therefore subject to change. Any furniture, goods and chattels depicted in this document are not included with any sale. Prospective purchasers or lessees are advised to not to rely on the information contained herein and to satisfy themselves as to the accuracy of all information given by making their own inspections, searches, inquiries and advises or as is otherwise necessary. The vendor or its agents or representatives will not be responsible for any error or misdescription which may appear. Further, the vendor or the developer or their agents or representatives do not represent, warrant and/or guarantee that the integrity of this communication has been maintained or that the communication is free of errors, virus, interception or interference. Usage of this or any other websites and materials and any associated website or material is subject to further terms and conditions.
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