Hope for bigger savings for buyers after scrapping of controversial property tax

The ditching of stamp duty in Victoria for off-the-plan buyers should be a first step in releasing a tax grip that is holding back the state’s housing market, a property peak body says.

The Victorian state government today announced the controversial tax will no longer apply to properties bought off-the-plan, with no price cap.

The amendment, revealed by Premier Jacinta Allan, applies to buyers from all walks of life who purchase a home that is on the market in planning stage. Previously, only first-home buyers were treated to stamp duty relief.