Persona · Last reviewed 2026-05-01

New-build, before it's built.

Stamp duty concessions (VIC and ACT shine; QLD and NT muted), sunset-clause risk, and how to underwrite a building you can't yet inspect.

Off-the-plan purchases come with material stamp duty concessions in some states. Victoria's reduces dutiable value by the construction-cost-yet-to-occur, and ACT has unique leasehold off-the-plan rules. Queensland and NT offer no general off-the-plan duty discount; First Home Owner Grant fills the gap on new builds.

Sunset-clause risk is the biggest hazard. If construction overruns the contract's sunset date, the developer can rescind and return your deposit (with the buyer carrying the price-growth opportunity cost). Sunset extensions favour the developer in most states. Negotiate a long sunset (24+ months past expected completion) up-front.

What we model: state-specific off-the-plan duty (VIC concession applied automatically), strata and body-corp impact on long-run net yield, depreciation upside on Div 40 and Div 43 (much stronger on new builds vs established), and the cashflow mismatch between contract date and completion.

Typical position

Capacity: $500K to $1.2M typical off-the-plan apartment
Deposit: 10% at exchange, balance at completion 12-30 months out
Horizon: 5-10 year hold (longer to recoup transaction and sinking fund costs)

Informational. Not financial advice. Your specific position depends on your full income / debt / dependants picture — run the calculators with your numbers.

Calculators that fit

Stamp duty calculator
VIC off-the-plan concession applied per state.
Cashflow projector
New-build depreciation tilts the early-year cashflow.

Guides that go deeper

Property depreciation schedule
Div 40 and Div 43 are strongest on new builds.

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