The state government of Victoria announced discounts on stamp duty for home sales under $1m in Melbourne.
Buyers will be able to get a 50% reduction in stamp duty for new homes and 25% discount for existing properties. These discounts will be available for transactions until June 2021.
"With a waiver on stamp duty, we’ll help more Victorians find their home and get more Victorians back to work," said Treasurer Tim Pallas.
Buyers of new homes will be able to save as much as $27,500 while buyers of existing properties will get a discount of up to $13,750.
The state government also announced a new support scheme for aspiring buyers, allocating $500m for the initiative. The Victorian Homebuyer Fund eaims to provide assistance to buyers who are struggling to come up with a mortgage deposit.