How off the plan can help a home buyer save thousands in Melbourne’s Ivanhoe

In the property market, many genuine financial shortcuts are scarce. Almost every region nationwide has experienced considerable growth over the last five, ten, or even fifteen years—driving affordability measures far above traditional standards. 

One of the largest costs faced by buyers is stamp duty, especially when combined with mandatory deposits. A 10 per cent deposit typically triggers Lenders Mortgage Insurance (LMI), and to avoid that additional cost, buyers usually need to provide a 20 per cent deposit. 

However, there is one area of potential savings that’s often overlooked: stamp duty concessions. 

In the established market, stamp duty exemptions are limited to specific buyer segments or price points. But in Melbourne’s off-the-plan apartment market, the Victorian Government is offering a significant incentive—abolishing stamp duty entirely until October 2026, regardless of purchase price. 

While other costs still apply, the difference in stamp duty between buying off the plan and purchasing an established property in Melbourne is now substantial. 

This difference is especially pronounced in house-dominated suburbs like Ivanhoe, located in Melbourne’s leafy north-east. Developer Salter Brothers has identified an opportunity in the local apartment market, where the median house price sits at approximately $1.8 million—up 10 per cent over the past 12 months. 

Their latest project, Candela, presents a compelling case for savvy buyers looking to take advantage of stamp duty savings only afforded in the off the plan development. 

Buyers of the $2,366,000 homes would pay around $51,854 in stamp duty. In contrast, the same priced home in the established market would cost around $133,790 in stamp duty, a difference of around $81,000. 

A two-bedroom apartment priced just under $1 million would attract $16,270 in stamp duty at Candela, compared to nearly $55,000 in the established market—around $38,455 difference. 

One-bedroom apartments, starting from $649,000, would incur stamp duty of just $9,350. An established property at that price would cost around $34,010 in stamp duty. 

These figures reflect the benefit of how stamp duty is calculated on off-the-plan purchases (for owner occupiers), based only on the land component at the time of contract and point of construction —compared to established homes, where it is calculated on the full purchase price. Once construction is complete, however, these off the plan incentives are no longer available. 

It’s a technicality that has evolved into a smart strategy for those who know where to look. At Candela, these financial advantages come with the added bonus of thoughtfully designed, contemporary apartments in one of Melbourne’s most desirable postcodes. 

Why Ivanhoe? 

Ivanhoe remains one of Melbourne’s most established and sought-after suburbs, offering a strong mix of lifestyle and convenience. It boasts access to top-tier schools, well-developed transport infrastructure, and vibrant village-style retail and dining. The area’s enduring appeal lies in its leafy streetscapes, proximity to the CBD, and nearby Yarra River parklands. 

Candela is ideally located near Upper Heidelberg Road, offering residents seamless access to cafés, essential services, and public transport. 

Design-led living at Candela 

Salter Brothers partnered with architect John Demos to create four distinct apartment collections within Candela—Aurora, Brillante, Halo, and Lustre—with floorplans ranging from one to four bedrooms. 

Apartments in the Brillante collection and beyond are well-suited to families. Curved walls in the master bedrooms create natural nooks, ideal for nursery corners or serene study spaces. 

The one-bedroom Aurora apartments provide another thoughtful living solution: dual-key designs that allow for multi-generational living. These layouts enable grandparents or young adults to live close by while retaining privacy and independence. With just two of these apartments left, they represent a rare opportunity for proximity with autonomy. 

Residents will benefit from access to commercial spaces designed to promote community connection, alongside private amenities including a resident lounge and rooftop terrace. 

The long view on off the plan purchases 

While buying off the plan involves some considerations—such as construction timelines and the need to thoroughly review plans and specifications—it also presents clear advantages. Chief among them is the ability to secure today’s prices while avoiding the higher upfront costs associated with established properties. 

Construction at Candela, led by Ironside, is already underway, with completion expected by the end of September 2026.