Victorian budget bails-out apartment developers

The Victorian Budget has bailed-out apartment developers by:

1. waving stamp duty on newly completed homes that have been unsold for a year or more;
2. extending stamp duty concessions to new off-the-plan purchases worth up to $1 million from 1 July; and
3. extending the 50% stamp duty discount on new homes in the Melbourne local government area that do not qualify for the full waiver.

From The AFR:

The stamp duty moves mark a concession to Victoria’s developers, who have long sought help to shift an unsold pool of apartments, estimated by the industry at between 8000 and 10,000…