According to the latest news from Channel 9 in Australia, the Victorian Government has officially announced today that properties outside of Victoria's current plans can now benefit from a new stamp duty reduction policy! With this move, the real estate market in Victoria is expected to soar immediately.

Starting from today, October 21st, this tax reduction targets stamp duty. This unprecedented tax reduction will apply to off-the-plan properties — those that are still in the process of being built and have not yet been completed or occupied.

The types of properties eligible for the reduction include apartments and townhouses (projects that have not yet started construction can still benefit from this new tax policy).

Key details:

• Eligibility: Properties purchased off-the-plan

• Duration: Contracts signed within 12 months (from October 21, 2024, to October 21, 2025)

According to government projections, for an apartment valued at AU$620,000, the stamp duty due under this new policy would be reduced to just AU$4,000, saving AU$28,000!

For properties that have already started construction, the stamp duty will be calculated based on the progress of the building. There are still some exemptions for stamp duty in certain cases.

This new policy has **no upper limit** on the number of properties or applicants (both local and international buyers can benefit from this policy).

Governor Jacinta Allan is set to announce this policy at a press conference today, but the Australian media couldn't contain their excitement and have already leaked this blockbuster news.

This policy is also part of the Victorian Government's plan to revive the property market.

With the support of this policy, a significant influx of developers is expected to flood into Victoria, and homebuyers in the state will be ready to make their move.

Considering that the Reserve Bank of Australia (RBA) may begin to reduce interest rates, this could mean lower rates and even less stamp duty!

Some Projects Benefiting from the New Stamp Duty Discount Policy in Melbourne

1. Park Quarter

Park Quarter is located in an ideal position in St Kilda, one of the most beautiful areas in central Melbourne, situated between Fawkner Park and Albert Park. The project has a tram stop right at its doorstep, providing convenient access to a wide range of shopping, entertainment, and dining options in the capital city of Victoria.

• It’s just a 15-minute tram ride to Melbourne's Central Business District (CBD), with numerous tram and bus routes around, offering free movement within the city center.

• The project is 1km from South Yarra Station and 3km from St Kilda Beach.

• It is 1.5km from the University of Melbourne, Victoria University, and Torrens University; 4km from Swinburne University, 12km from Deakin University, and 17km from Monash University.

2. Melbourne Square

Melbourne Square is a premier mixed-use development in Southbank, Melbourne, promising to transform urban living with its latest construction phase. Residents will benefit from excellent connectivity to the city center and convenient access to top educational institutions, as well as being close to cultural landmarks and green spaces.

• The location is extremely convenient, just a few minutes' walk to major tram lines such as 12, 01, 58, 64, and 67, providing direct routes to Melbourne CBD, the University of Melbourne, RMIT University, and other famous landmarks.

• It’s only about a 10-minute walk to Crown and 12 minutes to the NGV – the largest art museum in Victoria.

• A Woolworths supermarket is located right at the base of the building, offering maximum convenience for residents.

3. Aria, Southbank

Aria Melbourne is an apartment project located in Melbourne's Arts District, near St Kilda Road and the Royal Botanic Gardens, just a few minutes' walk to the city's vibrant retail, dining, and theater precincts. The 19-story Aria building features 183 apartments ranging from 1 to 2 bedrooms, meticulously designed to maximize panoramic city views, blending seamlessly with modern living and amenities.

Aria apartments boast thoughtfully arranged communal spaces and a private art gallery, creating an ideal environment for relaxation and entertainment. Residents can stroll along the Yarra River, enjoy the lush scenery of the Royal Botanic Gardens, relax at the Sydney Myer Music Bowl, walk on the famous Tan Track, or sip an aperitivo at the Botanical Hotel.

• Located just 1.3 km from Melbourne’s CBD, it is near the Royal Botanic Gardens in the city's arts hub.

• Easily accessible to schools such as South Melbourne Primary School, the University of Melbourne, Southbank Campus, Victoria University, and La Trobe University City Campus.

• 1.5 km to the South Melbourne Market, and 3 km to Albert Park Lake.

• Only a 3-minute walk to the Grant St & Sturt Street Tram Stop, and 8 Miles Cafe.

• 8 minutes' walk to Woolworths, Queenie’s Cafe & Restaurant, and the National Gallery of Australia.

4. Ancora

Collins Wharf is a unique riverside neighborhood where Melbourne's most iconic street meets the tranquility of the Yarra River. With limited apartments remaining in Regatta, Ancora is the next opportunity to own a riverside apartment—perfectly designed down to the smallest detail!

The project is developed by Lendlease, one of the largest global real estate developers in Australia and a partner of Entre Shield Property.

• Just an 8-minute drive from Southern Cross Station.

• 5 tram stops to West Richmond, 6 stops to Sunshine.

• Easily accessible to libraries and shopping centers such as Woolworths supermarket.

• Close to Victoria Harbour and the southern views of the Yarra River and Port Phillip Bay.

• Situated near amenities and public transport hubs being developed at Victoria Harbour and the Melbourne Central Business District.

• Promenade Park, approximately 6,800m², along with a Green Community to the west.

5. Verdé

Verdé is a project developed by Virgate, located at 85 Coventry Street, Southbank. With its modern design style and full amenities, Verdé is an excellent choice for Vietnamese investors. Verdé brings a breath of fresh air to Melbourne with its modern and luxurious architecture, designed by Bruce Henderson, an award-winning architectural firm.

Located near Anzac Station, which is expected to be completed in 2025, Verdé offers excellent connectivity to the entire city. Verdé focuses on developing green spaces and environmentally friendly construction technologies. The rooftop gardens, internal parks, and green trees are harmoniously arranged, providing a fresh and comfortable living environment for residents.

• Just a few minutes' walk to CBD, Melbourne's arts precinct, and ANZAC Station.

• Surrounded by a variety of dining, shopping, and service options for residents.

• Convenient access to universities such as UniMelb, RMIT, and Monash.

The stamp duty reduction policy for off-the-plan projects presents a great opportunity for homebuyers to save costs and seize potential projects at reasonable prices. If you're considering buying a home or investing in real estate, now is the perfect time to take advantage of these attractive support policies!