The ACT Government is supporting homebuyers in Canberra by increasing the stamp duty concession for off-the-plan1 purchases to include unit-titled townhouses and apartments valued up to $800,000.
Provided that all other eligible requirements are met, homebuyers will not have to pay stamp duty on an off-the-plan apartment or townhouse purchase if the value of the property is $800,000 or less. This means homebuyers save approximately $22,704 on stamp duty for a purchase of an $800,000 property.
To be eligible:
- Contracts must exchange on or after 27 November 2023
- At least one buyer will live in the property continuously for at least 12 months, commencing within 12 months of the date of completion
The exemption does not apply if contracts are exchanged on or before 26 November 2023 but you will still be eligible for a concession if the property value is $700,000 or less. For more information on duty exemption for owner-occupiers, visit the ACT Government Website.
1 Off-the-plan purchase refers to a purchase where you enter a contract before the units plan has been registered, in other words before the building is complete and in some cases, before construction beings.
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Article by: Anastasios Nicolaidis (Taso)
Property Lawyer
Taso practices in property law in New South Wales, the Australian Capital Territory and Victoria. He ensures that your rights, buying or selling, are protected while providing easy to understand advice and making the process as streamlined as possible.
He can assist you whether you are a first home buyer faced with the complexities of purchasing your first home, purchasing your next investment property, or navigating the sale of property with complex issues.