Victoria stamp duty concessions to have big impact: Tim Lawless

Tim Lawless says the new Victorian stamp duty incentive will be a broad reaching incentive, with 83 percent of Victorian homes selling for less than $1 million over the past twelve months.

His insight came after Victoria's state government announced stamp duty concessions for homes valued up to $1 million.

New builds, including off the plan purchases will receive a 50 percent discount, while existing homes will receive a 25 percent discount (in addition to existing stamp duty concession for first home buyers).

Lawless, the head of research at CoreLogic noted, 90 percent of Melbourne units sold in the year to October were priced at under $1 million. 

It was 70 percent of Melbourne houses.

Over 96 percent of regional houses and units would qualify for the tax waiver.