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A massive 50% reduction in Victorian Stamp Duty

There’s good news for homebuyers in the Victorian Government budget announced on Tuesday.

Stamp Duty will be reduced by 50% on newly built or off-the-plan homes valued up to $1 million with a 25% waiver for existing home purchases. This applies to eligible contracts signed between 25th November 2020 and June 30th 2021.

A $500 million Victorian Homebuyer Fund will be launched to help people who do not have a 20 per cent deposit buy homes. The fund will contribute to the purchase price in exchange for equity in the property.

Meanwhile, a further easing of restrictions in Victoria means that we can now have up to 50 people at an outdoor auction and 20 people at a private inspection.

If you are considering selling in 2021, we'd be happy to talk to you about a plan to get the best possible result for your home. Book a free market appraisal today.

For more information visit the State Revenue Office.