No stamp duty scheme extended for off-the-plan purchases under $600,000

In 2021, the ACT Government 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.

From the 1 April 2022, the scheme is being extended to all off-the-plan apartment or townhome purchases under $600,000, previously only $500,000.

The exciting new scheme means buyers are now eligible to purchase a new off-the-plan apartment or townhome and pay no stamp duty on the property if it is valued at $600,000 or less.

Eligibility requirements for the scheme include:

• contracts must be signed and exchanged on or after 1 April 2022

• 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.