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Stamp Duty Concessions on New Homes

In the City of Melbourne there is a temporary Stamp duty concession and exemption for the purchases of residential property, with a value of up to $1 million, located within the City of Melbourne local government area:

A 50% concession is available for new residential properties. It applies to contracts entered into from 1 July 2021 to 30 June 2022.

For a full Stamp Duty Exemption:

1.  The property must be new residential properties (not previously sold or lived in).
2.  Property has remained unsold for 12 months or more since completion of construction.
3.  The Contract was entered into from 21 May 2021 to 30 June 2022.

The 50% concession applies after all other concessions such as the first home buyer duty concession, the principal place of residence concession (including any off-the-plan concession), and the pensioner concession have been taken into account.

To be eligible for this concession or exemption, your purchase must:

1. be for residential property (primary residence or Investment),
2. have a new home on the land,
3. have a dutiable value of $1 million or less,
4. be located in the City of Melbourne local government area,
5. Is not a sale as a gift to someone and
6. An occupancy permit for the new home was issued at least 12 months before the contract was entered into.