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As part of today’s (24 June) ACT budget, the territory’s government has increased stamp duty concessions in a bid to boost Canberra’s housing market.
The ACT government has unveiled a $145 million investment to fund initiatives to boost housing supply and provide more pathways to home ownership across Canberra.
As part of the changes, the government will now offer increased stamp duty concessions to eligible home buyers up to a purchase price of $1.02 million as of 1 July 2025.
Previously, the state threshold was $1 million and applied on 1 July 2024.
The government said that the price threshold for stamp duty exemption will now also be indexed annually to the Canberra Consumer Price Index.
The expanded stamp duty exemptions will also raise the price threshold across the board for the ACT’s range of stamp duty concession schemes, including the Home Buyer Concession Scheme, Pensioner Duty Concession Scheme, and the Disability Duty Concession Scheme.
The ACT government said that the new threshold will make it easier for Canberra residents to find a home that suits their needs and support the development of dual occupancy properties across Canberra.
Finance Minister, Rachel Stephen-Smith, said that reforms to stamp duty were part of the ACT government’s approach to making housing more accessible to the territory’s residents.
“By expanding stamp duty concessions to more home buyers, we’re making it easier for Canberrans to enter the market and find a home that suits their needs,” Stephen-Smith said.
Additionally, the ACT government also unveiled its new “Housing Supply and Land Release Program”, which outlines its new land release program that aims to support the construction of nearly 26,000 homes over the next five years.
Alongside the land release program, the government announced that funding would also be provided to the Construction Productivity Agenda for the ACT of the new Planning Act, to streamline approvals and provide clarity to developers.
Moreover, the government also outlined an increase in training subsidies to 90 per cent for carpenters, plumbers, tiles, bricklayers and other critical construction trades that will help to deliver housing stock across Canberra.
The ACT government said that these initiatives were all aimed at fulfilling the territory’s housing target of 30,000 homes by 2029, which is part of the broader National Housing Accord target of 1.2 million homes over the same period.
Chief Minister Andrew Barr said that the slate of changes in the ACT budget were aimed at ensuring that housing policy can adapt to Canberra as the city grows.
“This budget brings together land release, planning reform, housing delivery and tax reform to meet the changes of a changing city and enable 30,000 new homes by 2030,” Barr said.
Property Council ACT & Capital Region executive director, Ashlee Berry, said that the focus on planning, tax, construction skills and land release was “on the right track”, but emphasised that results would still hinge on delivery of the changes.
“The government is right – to get more homes built means we need to get the planning system working, unlock land, and tackle the cost barriers holding back supply,” Berry said.
“But the proof will be in the pudding. Delivery is what counts. The increase in land release volumes is welcome – but if over 90 per cent of new dwellings are expected to be multi-unit, planning reforms and construction viability will be crucial to turning these sites into homes.”
While Berry was also receptive towards the ACT government’s expanded stamp duty concessions, she still emphasised that a stronger focus on the supply side would be necessary.
“It’s great to see more people getting help into the market, but demand-side measures only go so far. If we want to bring prices down, we need more supply at all price points,” she concluded.
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