Victoria’s off-the-plan stamp duty concession extended until October 2026

A week out from handing down the 2025-26 Victorian budget, the state government has confirmed $61m will be invested into the scheme, which removes stamp duty for off-the-plan apartments, units and townhouses.

“Young people can’t afford homes in a housing crisis,” premier Jacina Allan said. “That’s why we’re slashing stamp duty for off-the-plan units and townhouses – to build more homes and make them cheaper to buy.”

Anyone buying an eligible property can claim the concession, which the government says will make it quicker and cheaper for Victoria to build new homes.

A Victorian using the off-the-plan stamp duty concession saves about $28,000 on stamp duty on a property valued at $620,000, meaning only $4000 duty is paid.

“This is great news for homebuyers trying to get into the market,” treasurer Jaclyn Symes said.

The scheme was first introduced by the state government in October last year and was initially set to run for 12 months.

'Is your city leading Australia's home price growth?' youtube.com/mortgagechoice

“As our city grows, we’re determined to help more Victorians to buy their own affordable, energy efficient and well-built home that’s close to public transport, jobs and services," minister for housing and building Harriet Shing said.

Despite some recent recovery in the Victorian property market, Melbourne remains the only capital in Australia where prices are lower compared to 12 months ago.

The PropTrack Home Price Index for April 2025 showed prices in Melbourne are down 1.7% compared with last year – bringing the median dwelling price to $781,000 in what is now the country’s fifth-most expensive capital.

The median price of a home across the rest of Victoria is sitting at $575,000, down 0.8% on April 2024.