Hon Mark McGowan BA LLB MLA

Hon Mark McGowan BA LLB MLA

Premier; Minister for Public Sector Management; State Development, Jobs and Trade; Federal-State Relations

Hon Ben Wyatt LLB MSc MLA

Hon Ben Wyatt LLB MSc MLA

Treasurer; Minister for Finance; Aboriginal Affairs; Lands

Hon Rita Saffioti BBus MLA

Hon Rita Saffioti BBus MLA

Minister for Transport; Planning

Hon Peter Tinley AM MLA

Hon Peter Tinley AM MLA

Minister for Housing; Veterans Issues; Youth; Asian Engagement

    New stimulus measure to promote infill and job growth

    23/10/2019 10:30 AM
     
    • 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 

    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.

     

    Comments attributed to Premier Mark McGowan:

     

    "My number one priority will always be creating WA jobs.

     

    "This new WA jobs initiative will drive investment into our local residential construction industry and support the WA property sector.

     

    "Effective immediately, it's another targeted measure to help stimulate our economy, which we can afford to do because we got the finances under control."

     

    Comments attributed to Treasurer Ben Wyatt:

     

    "This scheme not only offers incentives for investment within Western Australia but will also promote job opportunities for the WA construction industry.

     

    "Infill helps to drive a number of important outcomes for the people of Western Australia, including more affordable housing, a better environment, revitalised shopping precincts and stronger communities.

     

    "The McGowan Government is in the position to be able to stimulate the economy because we have responsibly managed the finances and are now able to take this action while still having debt declining."

     

    Comment attributed to Planning Minister Rita Saffioti:

     

    "Promoting urban infill and residential developments in close proximity to METRONET will not only deliver immediate economic benefits, it will have a positive effect for decades to come."

     

    Comment attributed to Housing Minister Peter Tinley:

     

    "This McGowan Government initiative supports a valued industry that delivers ongoing economic prosperity for this State, while also improving affordability for people looking to purchase an apartment."

     

    Premier's office - 6552 5000

    Treasurer's office - 6552 5900

    Planning Minister's office - 6552 5500

    Housing Minister's office - 6552 5300

     

    First Home Buyer
     PriceCurrent dutyNew
    duty
    Saving
    $$$$
    400,000000
    450,0003,8389602,879
    500,00013,4333,35810,075
    550,00020,1405,03515,105
    600,00022,5155,62916,886
    650,00024,8906,22318,668
    700,00027,2656,81620,449
    750,00029,7407,43522,305
    800,00032,3168,07924,237

     

     General Domestic Buyer
     PriceCurrent dutyNew
    duty
    Saving
    $$$$
    300,0008,8352,2096,626
    400,00013,0153,2549,761
    500,00017,7654,44113,324
    600,00022,5155,62916,886
    700,00027,2656,81620,449
    800,00032,3168,07924,237
    900,00037,4669,36628,099
    1,000,00042,61610,65431,962
    1,500,00068,36518,36550,000