- Cook Government taking further action to boost housing supply
- Transfer duty concessions extended to include apartments under construction, saving home buyers tens of thousands of dollars
- Significant funding boost for infill projects to help bring more than 1,500 new apartments online
- Builds on the State Government’s $750 million package in the 202324 State Budget to boost housing supply
The Cook Government is taking action to further boost housing supply, investing to make apartments more affordable and bring more infill developments online.
The State Government will extend the current off-the-plan transfer duty concession to include apartments that are under construction a $13.9 million investment to support home buyers.
Buyers of apartments under construction that sign an eligible contract will receive a transfer duty concession of up to 75 per cent of the concession currently available for off-the-plan purchases, capped at $50,000.
The following tiers apply for the under-construction duty concession:
- 75 per cent of duty payable for properties valued up to $650,000;
- 75 per cent sliding to 37.5 per cent of duty payable for properties valued between $650,000 and $750,000; and
- 37.5 per cent of duty payable for properties valued at $750,000 or more.
The concession will be available for purchases from 31 August 2023 until 30 June 2025, in line with the existing off-the-plan transfer duty concession.
It will deliver significant savings for buyers for example, someone purchasing a $650,000 apartment will receive a reduction in transfer duty of $18,668.
The Cook Government has also today announced a further $15.45 million to support 15 infill developments that will add more than 1,500 new apartments to the State’s housing stock.
The $80 million Infrastructure Development Fund provides funding assistance to address upfront costs associated with connecting essential water, electricity, and sewerage infrastructure, which have constrained development and impacted the viability of housing projects.
Through the Fund, $40 million has been allocated for infill developments in metropolitan Perth and $40 million for workers’ accommodation in regional areas.
In total, nearly $22 million has now been allocated from the infill stream of the fund to support 27 projects and the construction of almost 2,200 apartments, while $12 million has been allocated to three projects through the worker accommodation stream, to deliver almost 500 dwellings in Kalgoorlie, Broome and Shark Bay.
Applications for the Fund remain open until 6 September 2024, or until funds are exhausted. For eligibility guidelines and to apply, visitwww.wa.gov.au/infrastructure-development-fund
The initiatives build on the State Government’s $750 million housing package in the 2023-24 State Budget and are aimed at further encouraging more infill housing supply.
As stated by Premier Roger Cook:
“Right across the country we are seeing significant pressure on our housing markets and the best way to tackle the issue is to bring more housing online.
“Our Infrastructure Development Fund will help to deliver thousands of additional new apartments into the market.
“These initiatives will help home buyers get into apartments, bringing down the cost of purchasing a new apartment.”
As stated by Treasurer Rita Saffioti:
“Our Government is doing everything we can to boost housing supply and the extension of the transfer duty concession to purchases of apartments under construction is a direct response to feedback we have received from industry.
“We want to make sure that apartment developments aren’t being held up and extending the concession to include apartments under construction will remove another constraint preventing projects getting underway.
“We’re also encouraging more supply by removing barriers to infill development through our $80 million Infrastructure Development Fund and $55 million Infill Sewerage Fund, which is helping remove one of the most significant barriers to development the upfront cost of connecting critical infrastructure like power and water.”
As stated by Finance Minister Sue Ellery:
“This $13.9 million investment builds on the State Government’s $750 million package in the 2023-2024 State Budget to boost housing supply across Western Australia.
“The extension of the duty concession provides significant transfer duty relief for people who purchase apartments in new developments after construction commences.
“Together with the existing off-the-plan transfer duty concession, these measures provide some of the most generous support in the country to support people in purchasing apartments, to boost housing supply and encourage urban infill.”
As stated by Planning and Housing Minister John Carey:
“Our Government is doing everything we can to boost medium and high-density dwellings, which will be critical in meeting the future demand for housing in Western Australia.
“Density drives vibrancy, life, and street activity, which helps create a real sense of place for both locals and tourists alike.
“Density delivers foot traffic for small business and helps to keep local schools, libraries, and other community services and groups like playgroups open and thriving.
“More importantly density provides housing choice and it attracts younger people and families to ageing suburbs.
“The $80 million Infrastructure Development Fund is a key part of our Government’s efforts to help the industry with significant up-front costs involved in establishing essential infrastructure for housing developments which we know has delayed projects throughout WA.
“All of these programs will encourage more infill development, particularly in strategic locations that are close to public transport, like the new train stations being delivered through our METRONET program.”
