Tasmanian apartment buyers can now secure considerable savings on stamp duty with new government incentives aimed at boosting medium-density housing construction. Eligible buyers can save up to $14,468, making this an excellent opportunity for both first-time buyers and investors to enter the market.
Tasmania’s 50% Stamp Duty Concession
Starting July 2024, buyers can enjoy a 50% reduction in stamp duty on off-the-plan or under-construction apartments and units valued up to $750,000. This concession runs until June 2026 and is designed to encourage apartment living in urban areas like Hobart and Launceston.
Why This Matters for Buyers
Stamp duty can be a significant financial burden, often equaling months of income. This new concession provides much-needed relief, allowing buyers to redirect savings toward reducing borrowing needs or making additional investments. With property prices rising, this reduction in upfront costs is a major advantage.
Boosting Housing Construction
The Tasmanian government aims to address the state’s housing shortage by stimulating apartment construction. Despite recent increases, Tasmania lags behind other states in housing project approvals. This initiative is expected to accelerate housing development, much like similar policies in Western Australia.
How to Apply
Eligible buyers must submit a Section 46X Off-the-Plan Apartment or Unit Duty Concession Application through their solicitor or conveyancer. If duty has already been paid, buyers may apply for a refund.
With the 50% stamp duty concession, now is the ideal time for buyers to consider purchasing an off-the-plan apartment in Tasmania. This initiative offers significant savings, making property investment more accessible and contributing to the state’s growing housing stock.