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Victorian opposition pledges to ditch stamp duty for first-home buyers

Victorian opposition pledges to ditch stamp duty for first-home buyers

9 News27-05-2025
Your web browser is no longer supported. To improve your experience update it here Stamp duty will be scrapped for first-home buyers who purchase any property valued up to $1 million if the Victorian Liberals and Nationals are elected at next year's state election. Opposition Leader Brad Battin and Shadow Treasurer James Newbury announced the "bold and visionary plan" as part of its budget reply. The tax-exemption would be applied to more than 17,000 first-home purchases in its first full year, according to estimations by the Parliamentary Budget Office. Victorian Opposition Leader Brad Battin and Shadow Treasurer James Newbury. (Getty images) Battin said described the policy, which forms the centrepiece of the opposition's budget reply, a "common-sense reform" that would deliver "the circuit-breaker Victoria desperately needs". "Labor's war on property and addiction to tax has destroyed confidence in the economy," he said. "We need a plan to grow, not just tax and spend." Newbury added the proposal focused on "giving aspirational first home buyers the final leg up they need" "This policy is about rewarding aspiration. It's about giving young Victorians a fair go," he said. "For too many young Victorians, the first home dream has become a nightmare. "This policy is about backing in renters that have been stuck in the rental market not by their own choice, but by a tax system that is stacked against them."' On a $750,000 home, Victorians pay an average of $40,000 in up-front stamp duty. In October 2024, the Allan Government announced a 12-month stamp duty concession for off-the-plan apartments, units and townhouses. That tax cut is available for homes of any value and is not limited to first-home buyers. The concession is tipped to save home-buyers an average of $25,000 in its first full year, according to Allan. Victoria
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