Stamp Duty Cuts Helping Thousands Buy Their First Home

25 October 2017

The Andrews Labor Government is making it easier and fairer for Victorians to buy their own house, with thousands of people taking advantage of generous stamp duty reductions to purchase their first home.

Visiting Northcote today, Premier Daniel Andrews announced that 4,335 people have bought their first home since the Labor Government’s ground-breaking housing affordability reforms came into effect on 1 July – more than double the number of new homes sold in the same period last year.

Of these, more than 3,711 paid no stamp duty and 624 paid less than they would have – saving new home buyers more than $76 million in total.

There’s also been strong uptake in the City of Darebin, with the Labor Government’s generous stamp duty concessions helping 58 first home buyers – 44 of which paid no stamp duty at all.

The concessions are part of a suite of reforms to boost housing affordability in Victoria, including the abolition of stamp duty for first home buyers on properties valued below $600,000.

On average, first home buyers will be around $8,000 better off under the new system, with some buyers more than $15,000 better off.

The Labor Government is also making renting fair through an unprecedented package of reforms that give tenants more rights, allow for longer leases, make bonds smaller and fairer, and crack down on dodgy landlords.

These initiatives are about fairness and are important steps towards ensuring today’s families and future generations will be able to afford somewhere to live.

The federal government may know how to talk about housing affordability – but this is what real action looks like.

Quotes attributable to Premier Daniel Andrews

“We’re making it easier and fairer for all Victorians, whether they’re renting or buying their first home.”

“Our reforms are working, helping people in Northcote and across Victoria get a foot in the door, and a roof over their heads.”

Reviewed 19 August 2020

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