Minister Barr: Significant stamp duty cuts to support local jobs
- Written by ACT Government
Released 04/06/2020
As part of Canberra's Recovery Plan to support local jobs, the ACT will significantly reduce the stamp duty for eventual owner-occupiers on the purchase of:
- New land single residential blocks to zero
- Off-the-plan apartment and townhouse* purchases up to $500,000 to zero
- Off-the-plan apartment and townhouse* purchases between $500,000 and $750,000 by $11,400
This initiative will encourage growth in the residential property construction sector to create and support jobs.
The ACT's local construction industry employs and supports tens of thousands of Canberra families. The ACT Government has already announced payroll tax waivers for the construction industry, and further support will be announced in the coming weeks as part of Canberra's Recovery Plan.
This will include more support for community and social housing, and investment in Government capital projects.
These measures will save new home buyers thousands of dollars whether they are entering the housing market for the first time, or looking to move. For example, a purchaser of an off-the-plan apartment/townhouse* they will live in will save up to $11,400. A purchaser of a new single residential block in Taylor for $430,000 will save $9,020.
This stamp duty concession will be in place for any purchase (i.e. contracts exchanged) in the ACT from 4 June 2020 until 30 June 2021. Contracts exchanged outside of this period are not eligible for the concession. This concession will only apply for eventual owner occupiers.
The Government will also extend the Pensioner Duty Concession Scheme for one year. This scheme provides a full or partial stamp duty concession to pensioners purchasing a property valued below the median property value. Stamp duty deferrals will also be extended to all pensioners, regardless of property value.
The ACT Government has a strong track record of creating jobs and supporting a growing local economy. Our Recovery Plan will draw upon this experience, ensuring our city gets through the greatest challenge we have ever faced.
* Applies to all off-the-plan unit-titled purchases
- Statement ends -
Section: Andrew Barr, MLA | Media Releases
