Embarking on a media blitz, Premier Jacinta Allan announced Victorian stamp duty concessions would be expanded to all buyers and uncapped.
Thresholds for stamp duty concessions had previously been set at $750,000 and $550,000 for first home buyers and owner occupiers respectively.
But eligibility has been expanded to investors and the value cap removed for one year from October 21, providing a 100 per cent discount for outstanding construction and refurbishment costs when calculating stamp duty.
We're slashing stamp duty on off-the-plan apartments for every buyer, with no cap.— Jacinta Allan (@JacintaAllanMP) October 20, 2024 Victorian Premier Jacinta Allan is announcing tax cuts for home buyers.
Ms Allan said the 12-month stimulus plan was in response to under-pressure builders crying out for help following successive interest rate rises.
"It's certainly having an impact on the housing industry," she told Seven's Sunrise on Monday morning.
"That's why we're providing this support.
"It's good for builders, it's certainly good for buyers who will save money, it's good for building more homes."
The premier foreshadowed she would release more housing policies and initiatives across the rest of the week.
She received a hostile reception on Sunday when unveiling a plan to create 50 new "activity centres" to help deliver more than 30,000 additional homes across Melbourne by 2051.
Victorian Premier Jacinta Allan hinted at more housing policy announcements this week. (Joel Carrett/AAP PHOTOS)
Ms Allan said the dwellings would be a mixture of townhouses and apartments centred on 50 high-frequency train stations and tram stops, some in Melbourne's leafiest and most expensive areas such as Toorak, Armadale and Brighton.
Other suburbs include Murrumbeena, Oakleigh, Hawthorn, Blackburn, Mitcham and West Footscray.
Brighton residents, angered by the planning takeover paving the way for taller buildings, surrounded the hotel where the premier announced the plan, chanting "shame premier shame".
Opposition Leader John Pesutto criticised the Allan government for not consulting with local residents and unveiling the plan during the caretaker period for local governments ahead of council elections.
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