First home buyers in the Australian Capital Territory will no longer pay stamp duty under a major housing policy change to be announced in the ACT budget.
According to AAP, the reform will take effect from 1 July and will remove stamp duty for all first home buyers entering the property market.
Housing is a central feature of ACT Treasurer Chris Steel’s second budget, which is being handed down on Wednesday.
Eligibility Restrictions Removed
The change expands existing exemptions that currently apply only to homes valued below $1 million and to buyers who meet income eligibility requirements.
Under the new arrangement, those restrictions will be removed, extending stamp duty relief to all eligible first home buyers.
The measure represents the latest stage of the ACT Labor government’s long-term transition away from stamp duty and towards higher property rates.
First Australian Jurisdiction
The ACT is set to become the first jurisdiction in Australia to completely abolish stamp duty for people purchasing their first home.
The announcement comes as the territory government prepares to deliver a budget facing significant debt pressures.
Despite those financial challenges, housing affordability remains a major focus of the government’s policy agenda.
The reform is designed to reduce the upfront costs associated with entering the housing market and forms part of broader changes to the ACT’s property tax system.