00:00One of Melbourne's newest high-risers gets the tick of approval from the Premier.
00:09This build-to-rent apartment complex in Fitzroy North is ready for new tenants, but it's prospective
00:15apartment buyers that Jacinta Allen has in her sights.
00:19This initiative is designed to do three things, build more homes, build more homes and build
00:24more homes.
00:26The new initiative announced today is a stamp duty concession for all buyers of apartments
00:31and townhouses purchased off the plan.
00:35The off-the-plan stamp duty concession that cuts upfront costs for buyers will now be
00:40extended to everyone, first home, occupier and investor, and secondly limits will be
00:46removed so the concessions will apply to apartments, units and townhouses of any value.
00:53Under the tax break, buyers of a $620,000 apartment will pay just $4,000 in stamp duty,
01:01a $28,000 reduction on what they would usually pay.
01:05Essentially this is about providing more housing stock, more homes for Victorians.
01:12For developers to be able to get away with projects of this nature, that is apartment
01:17blocks, then effectively they need a level of pre-purchase.
01:22The success of the government's policy will depend on prospective buyers like Eliza Portelli
01:28and whether they opt to buy off the plan.
01:30I've been saving my whole life, I'm a really good saver, and always with the thought of
01:37buying a property at some stage.
01:39No, I wouldn't consider buying something off the plan for sure.
01:43And she says even a stamp duty break won't change her mind.
01:47I don't feel confident that these types of homes are always built with quality materials.
01:54And then there's the other issue, cost.
01:56These super high-rises will be so expensive they're out of reach for young Victorians.
02:01It follows hot on the heels of the government's plan for new high-density zones in inner city Melbourne.
02:07Yesterday we announced the next tranche of activity centres where we're going to focus
02:12on building more homes close to public transport, and in coming days we'll have even more to
02:16say about further reforms.
02:19Before Jacinta Allen took the top job, Labor had already promised to deliver 800,000 homes
02:24in a decade.
02:25It's currently well behind on that target, but one year into her tenure and two years
02:30on from the state election, these policies are shaping up to be a cornerstone of the
02:34government's plan to address the housing crisis.
02:37The Premier now just needs them to work.
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