Victoria Introduces Temporary Stamp Duty Concession for Off-the-Plan Purchases

The concession will apply to contracts entered into from Oct. 21.

Victorian Premier Jacinta Allan during question time at Victorian Parliament house in Melbourne, Australia, on Oct. 3, 2023. Asanka Ratnayake/Getty Images

In response to Victoria’s cooling property market, the government has introduced a temporary stamp duty concession for off-the-plan land transfers.

The initiative aims to support the purchase of dwellings, including apartments and townhouses in strata subdivisions, for the next 12 months starting Oct. 21, 2024.