Duty halved for medium density housing purchased off-plan

The Tasmanian Government’s commitment to halve stamp duty on the purchase of new apartments and units has today passed through Parliament.

Minister for Finance, Nic Street, said the Tasmanian Government’s 50 per cent stamp duty concession is designed to support medium density housing.

“Under the Government’s 2030 Strong Plan for Tasmania’s Future, we are committed to supporting more housing options for Tasmanians,” Minister Street said.

“The concession, for buyers of a new apartment or unit off-plan or under construction, is designed to incentivise Tasmanians to take up apartment and unit living more readily, and to encourage higher density construction. 

“Purchasing off-plan provides certainty for builders and developers, minimises developer risks for large-scale projects, and mitigates against unexpected cost increases for purchasers.”

The concession is available to all Tasmanians who meet the eligibility criteria, not just first home buyers.

“This concession is part of a suite of initiatives designed to encourage new medium density housing opportunities,” Minister Street said. 

“Eligible Tasmanians will receive a 50 per cent discount on stamp duty when they purchase an apartment or unit off-plan valued up to $750,000, saving up to $14,468”, Minister Street said.

The concession is retrospective to 1 July 2024 and will run for two years, until 30 June 2026.