As a latest step to end the housing problem in the state of Victoria, it has been decided to temporarily cut the stamp duty for all housing units, townhouses and apartments bought off-the-plan.

The state government’s new 12-month plan is expected to save prospective homebuyers tens of thousands of dollars and attract developers.

Currently, stamp duty relief is available to first home buyers and off-the-plan buyers who buy homes under a price cap.

But under the Victorian government’s new plan, buyers and developers will be given relief for any amount for the next 12 months with immediate effect.

For a new $620,000 apartment purchased off-the-plan, the government estimates that stamp duty will be reduced to $4,000, a saving of $28,000.

State Premier Jacinta Allen said Melbourne, one of Australia’s largest cities, needs to give people under 40 the opportunities they had in the past.

The Prime Minister also stated that many politicians have run away from this housing challenge for decades.

This is the second major housing related announcement by the state government in a few days and recently the government also announced a plan to build 50 new flats near railway and tram stations.