STATE BUDGET 2016/17: Off-the-plan stamp duty concessions extended and expanded

The State Government stamp duty concession for off-the-plan apartments has been extended
for one year and expanded to cover all of South Australia as part of a $7.6 million investment
included in the 2016 –17 State Budget.

Initially set to end on June 30, homebuyers can now access the concession scheme for an
additional 12 months until 30 June 2017.

Effective today, the concession will also apply to all off-the-plan apartments in South Australia.
Previously, only properties in the CBD and inner-city suburbs were eligible.

In the past 12 months, 585 homebuyers used the concession to buy an apartment off-the-plan.
The scheme is a targeted incentive to stimulate growth in the building industry as the State’s
economy continues to transform.

Stamp duty concessions of up to $15,500 apply for eligible purchases of off-the-plan
apartments, while the State Government continues to offer a $15,000 First Home Owner Grant
for new homes.

These two initiatives mean first home owners could be eligible for up to $30,500 towards an
off-the-plan apartment.

The stamp duty concession for off-the-plan apartments has been an extremely effective and
targeted mechanism for stimulating growth and jobs in the economy.

We want to maintain that stimulus to support the construction industry and expand it to renew
housing stock and create jobs right across the State.

By extending and expanding this concession, we’re making sure that tradespeople are able to
get work in residential construction and that newly-built apartments remain within reach of first homebuyers