The State Government is investing in WA’s residential construction in a bid to stimulate the property sector.
New stamp duty rebates have been introduced to support residential infill developments along with the government’s Metronet transport system.
From Wednesday, buyers signing pre-construction contracts for 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 buyer of the dwelling and builds on stamp duty assistance already available to first home buyers.
It would also benefit older Western Australians by being available to those who were downsizing.
The McGowan Government said that the rebate was possible because of “responsible financial management.”
It is estimated to cost the Budget $29 million bringing recent economic investment to $364 million while also creating jobs.
Premier Mark McGowan said it would help the housing sector.
“This new WA jobs initiative will drive investment into our local residential construction industry and support the WA property sector,” Mr McGowan said.
“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.”
Treasurer Ben Wyatt said it boosted the housing market while also improving WA’s economy.
“This scheme not only offers incentives for investment within Western Australia but will also promote job opportunities for the WA construction industry,” Mr Wyatt said.
“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 action while still having debt declining.”
Housing Minister Peter Tinley said it helped people in the housing market.
“The 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,” he said.