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If you are considering buying off the plan properties, the ACT Government has further cut stamp duty for properties under $600,000 for a first home and downsizer buyers from the 1st April 2022.
The ACT Government will cut residential stamp duty again to provide further support for home buyers by removing stamp duty on off-the-plan purchases up to $600,000 saving buyers up to $15,720 on their purchase.
In addition, the maximum property value will increase from $500,000 to $600,000. The new duty-free threshold will take effect from 1 April 2022 and the Government will look to further extend the concession annually.
Buying ‘off the plan’ is when you sign a contract to buy a unit in a unit’s plan before the unit’s plan has been registered.
ACT Government Media Released 15/03/2022
Today’s announcement is a significant expansion of the scheme the Government introduced last year. The maximum property value will increase from $500,000 to $600,000 to ensure the concession continues to support housing purchases by owner-occupiers at the entry-level of the market.
The new duty-free threshold will take effect from 1 April 2022 and the Government will look to further extend the concession annually.
The Government is continuing to remove inefficient taxes on properties at the entry-level of the housing market to make it easier for Canberrans to purchase their first home or downsize to a property that better suits their needs. These tax incentives are also designed to encourage an increased supply of new properties below the duty threshold.
Social Housing & Build to Rent Investments
The Government is also continuing work on a range of additional priorities to address housing supply at the entry-level of the market. This includes attracting build-to-rent investments, partnering with the community housing sector on below-market rental projects and the delivery of our public housing growth and renewal program.
Andrew Barr, MLA | Media Releases
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