Canberra homebuyers purchasing off-the-plan will be getting a leg-up from the ACT Government as residential stamp duty is set to be cut once again.  

The further support will come in the form of up to $15,720 of savings for off-the-plan purchases up to $600,000.

This is an expansion of the scheme introduced by the government last year and the new duty-free threshold will take effect from 1 April.

Maximum property value will be increasing from $500,000 to $600,000 and an ACT Government spokesperson said this is to ensure “concession continues to support housing purchases by owner occupiers at the entry level of the market.”

Master Builders ACT (MBA) welcomed the cut in stamp duty but are calling for additional measures to meet the housing demand in Canberra.

MBA CEO Michael Hopkins said “while we are pleased that the ACT Government has extended stamp duty cuts for off-the-plan unit sales, much more needs to be done to create more affordable housing solutions”.

“To provide equity across the new residential market, stamp duty should be cut for all residential purchasers, including vacant land for detached houses. Supply of vacant residential land for detached housing has been severely constrained in the ACT leading to significant price increases.

“Providing an adequate supply of affordable land for detached housing should be a priority of government and cutting stamp duty would provide immediate relief for purchases.”

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