The ACT Government’s 2024/25 Budget introduces significant changes aimed at making homeownership more accessible for first home buyers in Canberra. These changes include the extension and enhancement of stamp duty concessions and exemptions.
Key changes include expanding the Home Buyer Concession Scheme to provide a full stamp duty concession on the first $1 million of property value. This adjustment is expected to save eligible buyers around $34,000 on their home purchase. Effective from 1 July 2024, the scheme also raises the income eligibility threshold to $250,000 per year for homebuyers who haven’t owned property in the previous five years (up from $170,000 for those not owning property in the last two years). Families will also benefit from an increased allowance per child, and exemptions are available for individuals affected by family violence.
Additionally, the Budget temporarily extends the stamp duty concession for off-the-plan unit purchases to include properties valued up to $1 million in 2024-25, aiming to support more residents in buying apartments or townhouses. Currently, stamp duty is waived on off-the-plan properties up to $800,000.
The Budget also extends the stamp duty exemption for the first transfer of unit-titled dwellings on suburban residential (RZ1) blocks for purchases up to $800,000 until June 2026. This aligns with the Off-The-Plan Unit Duty Exemption, also extended to properties valued up to $1 million in 2024-25, to encourage more dual-occupancy homes in existing suburbs, catering especially to downsizers.
Further support is provided through enhancements to the Disability Duty Concession Scheme, offering a full stamp duty concession on properties up to $1 million from July 2024. A new Severe Disability Duty Exemption from July 2025 exempts homes bought by people with severe disabilities or their carers from stamp duty.
The Pensioner Duty Concession Scheme has also been extended from July 2024 to offer full stamp duty concessions on properties valued up to $1 million, supporting pensioners in downsizing.
These measures in the 2024/25 ACT Budget are aligned with the ACT Wellbeing Framework’s housing and home wellbeing goals.
Chief Minister and Treasurer Andrew Barr highlighted that reducing stamp duty barriers continues to be a priority for the government, enabling more Canberrans to find homes that meet their needs.
“The new and expanded stamp duty concessions and exemptions outlined in this year’s ACT Budget will support more Canberrans to find a home that suits their needs, including first homebuyers, downsizers and people with a disability,” said Chief Minister Barr.
“We know stamp duty can be a significant barrier to home ownership. That’s why we have cut stamp duty in every ACT Budget since 2012, and this Budget continues that work.”
For more information, visit the ACT Revenue Office website.
