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
These changes will affect “those who are on the margins of being able to afford their own home. And it makes it less expensive for seniors wanting to right-size near well-connected centres with quality services.” Ms Brewer said (Executive Director of the Property Council WA).
Here’s what the proposed savings will look like for buyers (source; UDIA WA):
Source: Government of Western Australia, Media Statements
