Stamp duty is one of the biggest barriers to home ownership, which is why REIWA is warning against dropping the current 75 per cent rebate on off-the-plan purchases and instead asking all political parties to focus on ways to extend this initiative.
REIWA President Damian Collins said REIWA supports the concept of relief for apartment buyers off-the-plan and believe it would be a step backwards to remove the rebate.
“Stamp duty relief for off-the-plan sales not only helps the government to meet its target of 47 per cent of new dwellings in infill locations, but it helps increase the speed of transition from apartment sales to actual construction activity,” said Mr Collins.
“Rather than removing an initiative that is already in place to help people get into their home sooner, we should be looking at expanding this to include completed projects to help reduce current stock levels, and projects that are currently under construction.
“In addition, any relief provided for off-the-plan sales should be made permanent to give the development industry certainty when planning for future projects.
“REIWA asks all political parties to commit to stamp duty relief for off-the-plan purchases. There is a lot that can be done to help both the WA economy and the property market. Let’s focus on moving forward rather than backwards.”