Tasmanian first-home buyers can now save up to $28,945 in stamp duty following Premier Jeremy Rockliff's successful re-election and his government's commitment to cut stamp duty. Tasmanians are being urged to explore their potential savings through the new ‘Stamp Duty Calculator,’ introduced under the Stamping Out Stamp Duty policy.
Previously, first-time home buyers in Tasmania received a 50% discount on stamp duty. However, the re-elected government has pledged to eliminate stamp duty for first-time buyers purchasing homes valued up to $750,000. This new benefit applies to any eligible homes bought since February 18 this year and will be available until mid-2026.
However, apartments and off the plan units will still only receive the 50% rebate.
Stamp duty is a significant expense for home buyers, especially first-time buyers. The new policy aims to help around 1,500 Tasmanian families each year achieve secure home ownership with savings of up to $28,945. The government still needs to pass new legislation to enact these changes.
Real estate agents predict that the stamp duty cuts will boost confidence in Tasmania’s property market, which has experienced relatively flat home prices over the past year. According to PropTrack’s latest Home Price Index, Hobart home prices fell by 1.65% to $662,000 over the past year, while the rest of Tasmania saw a 1.02% increase to $501,000.
