New stimulus measure to promote infill and job growth
Wednesday 23 October 2019
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.
Read the full media statement.