By Anthony Webb
Last year, the Victorian government introduced impressive stamp duty savings of up to 50 per cent for properties valued at $1 million or below. With less than two weeks to go until the incentive ends, we can expect to see a last-minute scramble for homes priced under the threshold. If you’re interested in taking advantage of these savings, it’s time to get your skates on.
The stamp duty savings currently in place until June 30 include:
- Buyers of newly built homes valued up to $1 million are entitled to 50 per cent off stamp duty costs.
- Buyers of existing homes valued up to $1 million are entitled to 25 per cent off stamp duty costs.
The stamp duty concessions were introduced to help mitigate economic loss in Victoria from the peak of the coronavirus pandemic last year. It was predicted the property market would take a major hit, not recovering to pre-covid prices until 2022-2023, according to an article published in November 2020 by Domain.
What we have experienced so far in 2021 is a very resilient housing market. Despite enduring restrictions on public auctions and in-person inspections, low levels of stock and pent-up demand have seen the property market remain strong.
It is unlikely the Victorian government will bring back discounts like this anytime soon. So, we urge Victorians to see what’s out there and take advantage of these tax breaks.
To check out our properties listed for less than $1 million, head over to our properties for sale page.