The Property Council's Victorian Executive Director, Cath Evans, says that while this is a step in the right direction, it's not enough in itself to bolster the industry at a time when it needs it most.
"Any initiatives that alleviate barriers to home ownership are welcome, and this expansion of stamp-duty exemptions for off-the-plan properties will ensure homebuyers have a greater chance of entering the market. It also gives developers more confidence and a longer runway to deliver additional supply," she said.
"However, we are hopeful that the upcoming state budget will also see further announcements for the property sector, such as tax relief measures and greater support for first homebuyers.
"We have been loudly advocating for a reduction of tax burdens on foreign investment. Our research has sadly shown that these prohibitive taxes have seen Victorians lose out on 81,000 additional new homes since 2015.
"These taxes are deterring international investors, who are looking to other states with friendlier tax settings.
"The Property Council has also been advocating for a temporary increase to the First Homeowner's Grant from $10,000 to $30,000 to restore consumer confidence while planning reforms flow into the market.
"The reality is that we are not supplying enough homes for a growing Victoria.
"Poor planning and inadequate policy decisions, along with high government taxes which make up over a third of the cost of new dwellings, have continued to raise the cost of constructing every new home.
"We will continue to work closely with the Victorian Government to ensure that property is a focus of the state's economic development, and a key driver of job creation and population growth."
