No stamp duty for new apartments and townhomes under $500,000

The ACT Government has recently introduced new stamp duty concessions for residents wanting to purchase an apartment or townhouse here in the ACT, aimed at increasing the amount of more affordable housing in the region.

The exciting new scheme means you can now purchase a new off-the-plan apartment or townhome and pay no stamp duty on the property if it is valued at $500,000 or less. Under these changes, anyone purchasing a newly built apartment or townhouse valued at $500,000 will save $10,360 in stamp duty.

Eligibility requirements for the scheme include:

• contracts must be signed and exchanged on or after 1 July 2021

• at least one buyer must live in the home continuously for at least one year, starting within 12 months of the date of completion (settlement date) of the off the plan agreement

• off the plan ‘units’ refers only to unit-titled apartments or townhouses

Discover our upcoming projects here on our website to see how you could take advantage of the new saving, or find out more about the changes via the ACT Government revenue website below.