THE stamp duty concession for off-the-plan apartments and townhouses has been increased from $700,000 to include properties valued up to $800,000.

The ACT government says that for contracts signed and exchanged on or after November 27, homebuyers will not have to pay stamp duty on off-the-plan apartment or townhouse purchases valued up to (and including) $800,000.

The concession is worth $22,704 on the purchase of an $800,000 property.

The government says: “Stamp duty can be a significant barrier to home ownership. Further increasing the concession threshold for off-the-plan unit purchases will support more prospective homebuyers, including downsizers, to purchase an apartment or townhouse in Canberra.”

To be eligible for the new concession, contracts will need to be signed and exchanged on or after November 27 and at least one buyer must live in the home continuously for at least one year, beginning within 12 months of the date of completion (the settlement date) of the off-the-plan agreement.