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: Tiffany Monorom
Property Lawyer
Tiffany’s focus is to deliver excellent legal service and client experience, in particular, helping first home buyers navigate the complexities of purchasing their first home. She prides herself on being exceptionally efficient and approachable, ensuring that matters are dealt with in a timely manner and that clients are kept well-informed on the progress of their matter.