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New off-the-plan stamp duty concessions announced for Victoria

On 21 October 2024, the Victorian Government announced a temporary stamp duty concession for the purchase of off-the-plan properties contained within a strata subdivision. 

The new concession will apply to apartments and townhouses but not to house and land packages. It will only apply to contracts entered into between 21 October 2024 and 21 October 2025.

The off-the-plan concession will become available to all purchases of eligible properties under an off-the-plan arrangement irrespective of:

– Whether the purchaser intends to live in the property or not
– Whether the purchaser has previously purchased other properties
– Actual property value.   

The new announcement can be compared to the current regime where the off-the-plan concession is limited in application to (i) owner occupiers that purchase a property off-the-plan up to a maximum dutiable value of $550,000; and to (ii) first home buyers that purchase a property off-the-plan up to a maximum dutiable value of $750,000.

By way of example, under the concession announced, if an investor purchased an apartment in a proposed high-rise development for say $1.2 million and was advised by the developer that 75% of the purchase price related to the pending construction of the property, the stamp duty payable by the investor would be $13,070 rather than the ordinary $66,000 that would be payable.

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Need additional information? Contact your BG Private advisor or our Tax Advisory Partner, Tim Olynyk, on +61 3 9810 0700 or

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