Overview

• The proposal would remove stamp duty on all Victorian homes valued up to $1 million for first homebuyers with no additional conditions.
• Newbury says the policy would generate about 17,000 exemptions in its first year and cost $1.09 billion over four years under the Go for Growth plan.
• Current rules exempt properties worth $600,000 or less and offer concessions on purchases between $600,001 and $750,000.
• Implementation hinges on the Coalition winning the November 2026 state election before the policy could take effect.
• Treasurer Jaclyn Symes warns the change could force cuts to public services as Victoria expects $9.2 billion in stamp duty revenue this financial year.