The government of the Australian Capital Territory has announced stamp-duty reductions for owner-occupiers as part of its recovery plan to support local jobs.
Buyers of new land single residential blocks will have their stamp duty waived. Those who plan to buy off-the-plan apartments and townhouses with values no more than $500,000 will also not be charged with stamp duty.
The stamp duty for off-the-plan apartments with price tags of more than $500,000 to $750,000 will be reduced to $11,400.
Homebuyers can apply for the waiver until June 30 next year.
At the same time, the ACT government will be extending the Pensioner Duty Concession Scheme for another year.
Under the concession scheme, pensioners purchasing a property valued below the median property value will be given full or partial stamp duty cuts.
ACT Chief Minister Andrew Barr said these initiatives are expected to encourage growth and support jobs in the construction sector.
"The ACT's local construction industry employs and supports tens of thousands of Canberra families," he said. "These measures will save new homebuyers thousands of dollars whether they are entering the housing market for the first time, or looking to move."