Victorian Government Extends Stamp Duty Concession to Support Homebuyers and Boost Construction
- laibatariq2300
- May 18
- 2 min read
Published by GBS Accountants & Advisors— 18 May 2025
The Victorian Government has announced an extension of its stamp duty concession for off-the-plan apartments, units, and townhouses, allocating $61 million in the 2025/26 state budget to help more people enter the housing market.
Premier Jacinta Allan confirmed that the initiative—first introduced in October 2024—will now be extended for another 12 months, providing significant financial relief to homebuyers. The average saving so far under the scheme has been approximately $24,517, with the government estimating future savings to rise to around $25,000 per eligible buyer.
“Young people can’t afford homes in a housing crisis, and I’m on their side,” said Allan. “That’s why we’re slashing stamp duty for off-the-plan units and townhouses – to build more homes and make them cheaper to buy.”
The off-the-plan concession allows buyers to receive a 100% deduction on the value of remaining construction or refurbishment costs when calculating stamp duty. Typically, this means buyers pay just a quarter of the standard duty costs. The concession is only available for homes within a strata subdivision—such as those with shared driveways or hallways.
Treasurer Jaclyn Symes highlighted the dual benefit of the move: “We have listened to industry, and we’re acting. This isn’t just great news for homebuyers trying to get into the market. It’s also a huge win for homebuilders.”
The Allan Government believes that by reducing upfront costs, more people will be encouraged to buy, which in turn will speed up construction timelines and reduce associated costs.
Beyond stamp duty relief, the upcoming budget will invest $24 million to establish 50 "train and tram zone activity centres" across Melbourne’s inner and middle suburbs. These hubs are aimed at fostering higher-density housing close to public transport and essential services.
An additional $12.1 million will go toward boosting housing supply in Melbourne's outer suburbs, focusing on family-oriented homes with backyards. This initiative is expected to fast-track planning for 13,200 new homes and generate 8,600 new jobs. Two major structure plans will be launched for growth corridors in Clyde South and Derrimut Fields.
Minister for Housing and Building Harriet Shing stated, “As our city grows, we’re determined to help more Victorians buy their own affordable, energy-efficient and well-built homes that are close to jobs and public transport.”
At GBS Accountants & Advisors, we help individuals and businesses navigate financial shifts like these with clarity and confidence. Whether you’re seeking a better rate, refinancing, or planning your next property investment, our team is here to support you.
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