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The state government’s new 12-month stamp duty concession plan for eligible off-the-plan apartments, units and townhouses has led to a surge in interest in Victorian projects.
New data from off-the-plan property portal, urban.com.au, has shown a “massive spike in interest” for Victorian off-the-plan projects after the concession’s announcement, reporting an immediate 123 per cent increase in direct online enquiries, and a fivefold increase in online traffic volume.
The state government introduced these stamp duty concessions only last month, offering a 100 per cent deduction on outstanding construction and refurbishment costs for buyers when calculating stamp duty on eligible off-the-plan apartment, units and townhouses over 12 months starting from 21 October 2024.
Premier Jacinta Allan highlighted the immediate “rush of interest” generated by the stamp duty concessions, and commented that “it’s only been a few days but our ‘more homes’ agenda is already working”.
This increased demand also coincides with the recent approval of the $1.7 billion Elysium Fields development in Docklands by Minister for Planning, Sonya Kilkenny, who attended the project’s groundbreaking yesterday alongside Premier Jacinta Allan and CEO of property developer Gurner Group, Ahmed Fahour.
Speaking on the results of the new stamp duty concessions, Fahour said: “The message the Victorian government is sending is clear – our state is open for business.”
“We are supportive of the recent announcements on stamp duty relief, and we recognise the housing plan as a major step forward,” Fahour said.
The Docklands project’s $350 million first stage of development is set to reportedly deliver over 700 new homes across three buildings at the 208–226 Harbour Esplanade sites, with a section of the second building containing affordable homes prioritised for key workers in Melbourne.
The Victorian government reported that construction firm Hamilton Marino will soon start work on the project’s first stage of development, which will include one-, two- and three-bedroom homes, and a range of amenities such as co-working spaces, public parks and a rooftop sports court.
In total, the entire project, once finished, will offer 5,000 square metres of retail, dining and public spaces, such as landscapes and gardens.
Commenting on the development, Minister Kilkenny emphasised that the government is “serious about building more homes and creating more opportunity for families and young people, and the numbers prove it”.
Even with the latest figures from the Australian Bureau of Statistics showing that Victoria continues to lead nationally for home approvals, the state’s government stressed that “Victoria must keep doing more to build homes and communities”.
While Fahour noted that the state’s recent activity and planning reforms have helped to “ease the systemic challenges facing the housing market”, he stated that the next issue which “must be resolved is construction and finance costs – which continue to make it challenging for Victorian projects”.
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