Stamp duty will be abolished for Victorian first-home buyers who are purchasing a home worth less than $600,000 in an effort to improve housing affordability.
For homes that are worth between $600,000 and $750,000 there will also be stamp duty discounts for first-home buyers and it won’t matter if the dwelling is established or new.
It is another element of a raft of measures announced this week by the State Government to help housing affordability, especially for those trying to enter the market for the first time.
Treasurer Tim Pallas told The Age the stamp duty move would help around 25,000 Victorians to purchase their first home.
“We promised we would tackle housing affordability and that’s exactly what we are doing,” he said.
“Many people aren’t looking for mansions. They’re just looking for that first step on the ladder so they can get a home, a roof over their head, so that they can plan for their family’s future.”
“It’s a really simple, commonsense way in which we can support more young couples into the housing market.”
State Opposition Leader Matthew Guy however said the problem was not with stamp duty, but with a lack of housing supply.
“Stamp duty is not a factor when there’s not enough houses to purchase,” he told The Age.
“This Government has not brought enough supply to the market and as a consequence, first-home buyers are struggling to even find premises within 20km from the CBD.”