Property Council WA wins stamp duty relief
Property Council WA is counting the State Government’s rebates of up to $50,000 for off-the-plan apartments as a significant policy win and a reward for many months of careful research and hard work.
Executive Director Sandra Brewer said Property Council WA supported smarter planning, better infrastructure, sustainability and fairer tax settings because it believed that created smarter, better-located and more affordable housing and thriving communities.
“And that is why, many months ago, we asked Urbis to model the impact of a reduction in stamp duty for West Australians and foreign buyers, on apartment projects and jobs for West Australians,” Ms Brewer said.
“We used the results of this to advocate for our members for stamp duty concessions. We are thrilled the State Government has listened to our carefully researched arguments.
“We believe the 75 per cent stamp duty rebate for off-the-plan apartments will have immediate positive benefits for first homebuyers, for seniors and for families wanting to live in inner-city areas.”
Premier Mark McGowan said the initiative was designed to get development in WA happening right now.
“This is targeted, it’s affordable, it’s designed to create jobs (and) it’s designed to get construction cracking across the State,” Mr McGowan said.
Treasurer Ben Wyatt said the government was determined to ensure that economic growth translates into jobs for West Australians.
“There is no doubt since 2014, the property sector has been doing it tough,” Mr Wyatt said.
“(The) announcement is ensuring that we create diversity of housing that we want to see in Western Australia. As a government we are committed to infill, we are committed to creating exciting new designs, new housing opportunities for West Australians.”
Property Council WA believes the two-year rebate of up to $50,000 on stamp duty for off-the-plan apartments levels the playing field, with Ms Brewer noting that the 75 per cent stamp duty rebate applied to the extra stamp duty charged to foreign buyers.
“We hope this will encourage foreign buyers, discouraged by the 7 per cent stamp duty surcharge from January 1, to return to Perth,” she said.
“Ending off-the-plan stamp duty discrimination will stimulate construction and, importantly, encourage well-designed, denser dwellings near transport and jobs, creating vibrant, well-serviced communities.”