PERTH REAL WA
The WA Government has announced sweeping changes to stamp duty for off-the-plan purchases.
REIWA Real Estate Institute WA aligned with the Urban Development Institute of Australia (UDIA), Housing Industry Association (HIA), Master Builders Australia (MBA) and the Property Council of Australia to present to government a cross-industry plan to reinvigorate the property market.
The government heard the calls and has announced a 75 per cent stamp duty rebate for off-the-plan purchases.
What will change?
Buyers of off-the-plan apartments or units will only have to pay 25 per cent of the stamp duty value, with a rebate of up to $50,000. These significant savings will enable more people to buy apartments and will aid both the state and local governments in meeting the 47 per cent infill targets.
United, the property industry bodies were able to bring about this change.
However, there is still a long road ahead to a full market recovery.
Other things WA property industry is calling for?
~ Increase Keystart purchase price cap to $550,000.
~ Combine and match Keystart’s couples and families income categories to match the new family limits.
~ Increase the exemption for first home buyers to $550,000 for existing stock in line with the revised Keystart price cap.
~ Concession for seniors to right-size.
~ Adjust the rate of the foreign owner duty surcharge.
~ Increase social housing.
~ Amend Perth’s Regional Migration Status.
These announcements is a result of years of our advocacy efforts behind the scenes and industry collaboration.
With the property market now the firm focus of both side of politics, policy changes maybe possible that ensure everyone wins in WA real estate.
WA GOVERNMENT ANNOUNCE STAMP DUTY REBATE!
The McGowan Labor Government is investing in the residential construction industry, with a stamp duty rebate to help stimulate the property and construction sectors.
From today, buyers who sign pre-construction contracts to purchase a new residential unit or apartment in a multi-tiered development will be eligible for a 75 per cent transfer duty rebate of up to $50,000.
The rebate will be available for two years to any purchaser of a dwelling in a multi-tiered development. No cap will be placed on the purchase price and multiple rebates will be available to the same applicant for additional unit or apartment purchases within the same or different developments.
This rebate builds on the generous stamp duty assistance that is already available to first home buyers in WA. For example, a first home buyer purchasing an apartment valued at $450,000 would currently pay around $3,800 in duty. The rebate will reduce this to just $960.
Older Western Australians looking to downsize into a more fit for purpose dwelling will also benefit by being able to access this significant rebate.
As a result of responsible financial management, the McGowan Government is able to introduce the rebate and make it significantly more affordable for buyers to invest in off-the-plan developments.
The rebate will apply for two years and is estimated to cost the Budget $29 million, bringing the total investment in recent weeks to stimulate the WA economy to $364 million.
Full details of the scheme are available on the Department of Finance’s website.
Stamp duty rebates introduced today to support residential developments
Rebates apply to pre-construction contracts for homes in multi-tiered developments
Scheme is effective immediately and will run for two years
Policy supports infill development and aligns with METRONET vision
$364 million invested by McGowan Government in recent weeks to help stimulate the WA economy and create jobs for Western Australians.
Source: Government of Western Australia, Media Statement
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