Older homeowners would get a one-off stamp duty reprieve on their final home purchase under a property industry pitch to free up tens of thousands of under-utilised family homes across Melbourne.
In a submission to the state government’s Plan for Victoria review, the Property Council of Australia has argued home buyers older than 60 and wanting to downsize should be exempt from paying stamp duty under a last home buyer concession.
Under the plan, the exemption would be a one-time benefit, meaning any subsequent transactions would be subject to stamp duty.
The Property Council is also calling for a major overhaul of Victorian strata title laws, which cover properties such as apartment blocks that have multiple owners. Strata-titled properties can currently only be sold in Victoria if all the owners agree.