Stamp Duty Concession Extended for Off-the-Plan Homes in Victoria

If you're like me—late 20s, trying to get your foot in the property market—you've probably felt like home ownership is a bit out of reach. Between soaring prices, tight competition, and a cost-of-living crunch, buying a place in Victoria feels like a distant dream.

But there's some exciting news that might change that.

The Victorian Government has just extended its stamp duty concession for off-the-plan homes until October 2026—and that could mean huge savings if you're planning to buy an apartment, townhouse, or unit.

What's the Deal?

This incentive first kicked off in October 2024 to encourage more housing development and help buyers (especially younger ones) afford a place of their own. With housing affordability still a major issue, the government is keeping the support going with a $61 million investment in the 2025–2026 state budget.

Here's the key takeaway:
If you buy an eligible off-the-plan property before October 2026, you could save thousands on stamp duty.

How Does It Work?

Under the concession, buyers can deduct 100% of the remaining construction or refurbishment costs when calculating how much stamp duty they owe.

In simple terms: the earlier in the construction process you buy, the more you save.

To read more about the range of concessions available to buyers and how they are calculated, visit State Revenue Office - Off-the-plan duty concession.

Why It Matters

With so many of us trying to break into the market, this concession could make all the difference. It's designed to boost housing supply, but also to give first-time buyers a real chance at owning property—especially in areas where affordability is tough.

So, if you're planning to buy in the next year or so, this is definitely worth exploring. Talk to a property advisor, mortgage broker, or your bank about how you can take advantage of it.