More Canberra buyers save off-the-plan with stamp duty exception bump

More home buyers in Canberra will avoid costly stamp duty for new off-the-plan properties, with a boost to the tax-free threshold.

The ACT government has increased the starting point for stamp duty for yet-to-be built units and townhouses from $700,000 to more than $800,000.

Canberra has the nation’s third-most expensive unit market, with a Domain median of $567,059. A drop of 0.6 per cent over the September quarter nudged the capital from second place. For 18 months, it was the second-most expensive, behind Sydney.

The amendment will save ACT buyers $25,150 on a residence priced at $800,000.

The change, which spares buyers stamp duty on homes worth up to and including $800,000, will apply to contracts signed on or after November 27 this year.

The owner – or at least one of them, if a couple purchases – will have to live in the property for a minimum of 12 months to qualify for the duty concession.

In a statement, the ACT’s State Revenue Office said the new rule would support affordability and “more prospective home buyers, including downsizers, to purchase an apartment or townhouse in Canberra”.

The fresh benchmark provides bigger savings for ACT buyers than some off-the-plan concessions available in other states.

In Victoria, first-home buyers who purchase off-the-plan do not pay stamp duty if the address is worth $750,000 or less, and $550,000 for all other buyers who make it their primary residence (not an investment).

In New South Wales, buyers have up to 15 months to pay the levy on off-the-plan purchases.

Western Australian buyers can strike an off-the-plan deal for $650,000 or under, up until June 2025, and avoid stamp duty.

Off-the-plan apartment under $800,000 for sale right now in Canberra

$598,000 to $618,000

Ibbott Lane, Belconnen ACT 2617

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The property is in The Markets developments, which includes a ”backyard in the sky” rooftop with views, a deck, barbecue and picnic areas, for all residents. The apartments promise modern, efficient and low-cost living, including green walls, electric car chargers, double glazing and winter gardens, designed by Cox Architecture.

Offers Above $775,000

Cnr Easty & Wilbow Streets, Phillip ACT 2606

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The apartment is tucked in the emerging Woden Green development. The buyer has access to the complex’s indoor pool, cinema, gym, playground, dog park, communal workspaces and gardens. This two-bedroom pad includes a media room, which is multi-purpose and could be used for guests, behind glazed sliding doors.

$765,000

Kraft Street, Strathnairn ACT 2615

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A hallmark of this modern property is the 116 square-metres internally with an outdoor area of 37 square metres, which is under cover, to use through all seasons. A garage is included, in an area near a golf course, pretty walk tracks and shopping centres.