The Real Estate Institute of Victoria (REIV) welcomes the Victorian Government’s plan to offer stamp duty concessions on all new apartments, units and townhouses purchased off-the-plan in Victoria.
In particular, the REIV supports the government’s decision to make concessions uncapped and available to all buyers of off-the-plan strata properties, not just first home buyers.
Kelly Ryan, CEO of the REIV, said the announced scheme is an important next step toward comprehensive stamp duty reform.
“We’re pleased the Allan Government is introducing tax concession measures that seek to incentivise private investment in Victoria’s housing ecosystem,” said Ms Ryan.
“While we recognise this is a first step, our hope is that these concessions will not only help stimulate development of urgently needed higher density homes across the state, but also establish a clearer pathway for broader stamp duty reform.
“The REIV has long advocated for tax reforms including a comprehensive review of stamp duty, a burdensome tax that restricts investment and mobility in Victoria’s property market.
This announcement comes on the back of an expansion of the Activity Centre program which introduced 50 new “train and tram zones” for high density development, an important step in boosting much needed housing supply in Victoria.
“A strong pipeline of new housing in established areas will pave the way for long term stability in the housing market”
“The REIV and the real estate industry will be closely watching the Victorian Government’s announcements relating to its Housing Statement throughout the week.”
