There has been a major change to stamp duty (also known as conveyance duty) for off the plan purchases of apartments and townhouses in the ACT. An off the plan purchase is when you enter into a contract to purchase a property that does not have a registered title and typically before it is built.
From 1 July 2021, there is no longer any stamp duty for off the plan property purchases in the ACT up to a value of $500,000 regardless of whether you are a home buyer or investor.
This is a saving of up to $10,360, and the ACT government is hoping this will make it easier for first home buyers to get themselves onto the property ladder and encourage those looking to downsize to do so.
There are also stamp duty savings of $1040 for owner occupier buyers of other properties valued between $200,000 to $1,455,000.