More Canberrans buying properties off the plan will no longer have to pay stamp duty on their purchase, with the ACT Government lifting the current $700,000 threshold by a further $100,000.
Properties valued up to $800,000 bought off-the-plan by owner-occupiers will now be eligible for the stamp duty concession.
The government says this will apply to contracts signed and exchanged on or after 27 November 2023 for off-the-plan apartments or townhouses.
Chief Minister Andrew Barr said this would mean a saving of $22,704 on the purchase of an $800,000 property.
“Previously, the concession – for contracts signed and exchanged from 1 July 2023 – applied to properties valued up to $700,000,” Mr Barr said.
“This expands an important tax initiative that encourages housing supply in Canberra.”
Mr Barr said stamp duty could be a significant barrier to home ownership.
“Further increasing the concession threshold for off-the-plan unit purchases will support more prospective homebuyers, including downsizers, to purchase an apartment or townhouse in Canberra,” he said.
Mr Barr said the change further accelerates the Territory’s 20-year tax reform program, which began in 2012.