The ACT Government will increase the stamp duty concession for off-the-plan purchases to include properties valued up to $800,000, which Chief Minister Andrew Barr says will support more Canberrans to buy a home.

For contracts signed and exchanged on or after 27 November, homebuyers will not have to pay stamp duty on off-the-plan apartment or townhouse purchases valued up to (and including) $800,000.

This means a saving of $22,704 on the purchase of an $800,000 property, Mr Barr said.

Previously, the concession – for contracts signed and exchanged from 1 July – applied to properties valued up to $700,000.

“This expands an important tax initiative that encourages housing supply in Canberra,” Mr Barr said.

“Stamp duty can 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.

“The change further accelerates the Territory’s tax reform program.  Since tax reform commenced in 2012, the Government has cut stamp duty every year. 

“This is just one of a range of measures we are delivering to increase housing supply, affordability and choice.

The increased concession threshold aligns with a new stamp duty exemption for dual occupancies on suburban residential blocks.

In October, the Government announced a new stamp duty exemption would apply to the first transfer of unit-titled dwellings on suburban residential (RZ1) blocks for purchases valued up to $800,000, from 27 November 2023 to 30 June 2026.

To be eligible, contracts will need to be signed and exchanged on or after 27 November; and at least one buyer must live in the home continuously for at least one year, beginning within 12 months of the date of completion (the settlement date) of the off-the-plan agreement.

For more information, visit the ACT Revenue Office website.