Wednesday, 28 May 2025

Housing affordability

Sam GROTH (Nepean) (10:27): I rise today to highlight the Victorian Liberals and Nationals bold and future-focused commitment to abolishing stamp duty for first home buyers on all properties valued up to $1 million, whether those homes be newly built, off the plan or existing dwellings. This policy addresses a harsh reality that under the Labor government, the dream of home ownership has become a nightmare for too many young Victorians. Stamp duty in Victoria is one of the most punishing taxes in the country, and on a $750,000 home, a first home buyer must fork out nearly $40,000 before even receiving the keys. This is not fair, it is not sustainable and it is holding people back.

Our plan scraps that burden entirely. First home buyers will pay zero stamp duty, offering savings of up to $55,000. It is a decisive move to restore fairness, encourage aspiration and unlock the door to home ownership. Independent modelling by the Parliamentary Budget Office confirms the policy could deliver relief for 17,000 Victorians in its first full year. Industry experts like the Property Council Australia have praised the reform as a ‘housing supply heart-starter’. Meanwhile, this Labor government has introduced 61 new or increased taxes in just 10 years, with 30 of them being on property. The Liberals and Nationals will cut taxes, reward hard work and help Victorians get ahead by growing Victoria once again.