THE South Australian 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 and applicable only to properties within the CBD and inner-city suburbs, homebuyers across the state can now access the concession scheme for an additional 12 months until 30 June 2017.
The scheme is a targeted incentive to stimulate growth in the building industry. In the past 12 months, 585 homebuyers used the concession to buy an apartment off-the-plan.
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.
"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," said Treasurer Tom Koutsantonis.
"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."