The ACT Government is aiming to deliver "a hell of a lot more" affordable housing through tax reform, land release and the third phase of its affordable housing plan.
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Treasurer Andrew Barr said measures to increase supply set out in the 2012-13 Budget would put downward pressure on house prices.
"We need a hell of a lot more houses priced at below $385,000," he said.
Mr Barr said the government would begin phasing out stamp duty immediately.
"From tomorrow a family buying a $500,000 home will pay $2450 less in stamp duty than they would pay today," he said.
"This will deliver more affordable homes to more Canberrans."
The tax, described as unfair by both government and industry bodies, will be phased out over 20 years.
The budget also facilitates reduced land tax for landlords renting low and medium priced properties and funds an extension of the Home Buyer Concession Scheme, bringing it closer to NSW Government initiatives.
The ACT Government will also spend almost $5 million over three years to build 15 social housing properties.
Additional funding has been allocated for improvements to energy efficiency in existing public housing.
