WA Labor to deliver $130 million boost to support first homebuyers and multi-residential projects

Thousands of first home buyers across Western Australia will receive significant support under a re-elected Cook Labor Government, with WA Labor today announcing a $130 million plan to raise the thresholds for stamp duty relief for first home buyers, as well as apartment and townhouse purchases.
  • Re-elected Cook Labor Government will invest $130 million to increase stamp duty thresholds for first home buyers and multi-residential developments
  • Stamp duty will now be exempt for first home buyers on purchases up to $500,000
  • Discounted rates payable up to $700,000 in metropolitan Perth and $750,000 in regional WA
  • Stamp duty changes will also be applied to land purchases for new homes, apartments and townhouses

Thousands of first home buyers across Western Australia will receive significant support under a re-elected Cook Labor Government, with WA Labor today announcing a $130 million plan to raise the thresholds for stamp duty relief for first home buyers, as well as apartment and townhouse purchases.

The initiatives include $110.7 million to raise the stamp duty exemption threshold for first homebuyer purchases of established properties from $450,000 to $500,000, and lifting the thresholds at which discounted rates apply from $600,000 to $700,000 in metropolitan Perth and $750,000 in regional WA.

The policy means a first homebuyer will now save nearly $18,000 when purchasing a property worth $500,000.

WA Labor has also announced changes to stamp duty thresholds for land purchases by first home buyers, to encourage new housing supply.

The change will see the exemption on stamp duty for land purchases increased from $300,000 to $350,000, while the discount rate will be increased from $400,000 to $450,000.

It means first home buyers building a new home will now save nearly $11,000 on the purchase of land worth $350,000. Combined with the $10,000 First Home Owners Grant to build a new home, a first home owner building a new home could receive up to $21,000 in support.

Around 22,000 first home buyers are expected to benefit from these changes over the next four years, with around 8,000 no longer paying any stamp duty on established home or land purchases.

In a further boost for homebuyers and the delivery of new multi-residential developments, WA Labor will also invest $20.6 million to expand its stamp duty exemptions for new homes purchased off the plan and under construction.

The exemptions will be extended to include off the plan and under construction town house purchases for the first time, while the thresholds will also be increased.

Thresholds will be lifted by $100,000 meaning that no transfer duty will be payable on dwellings up to $750,000, tapering to a 50% concession above $850,000.

For dwellings bought under construction, a 75% concession is available up to $750,000, tapering to a 37.5% concession above $850,000.

These changes are expected to further bolster multi-residential construction increasing housing choice, as well as providing further options for seniors to downsize.

Comments attributed to Premier Roger Cook:

“We recognise the challenges first home buyers face in trying to get a foot on the property ladder, and that’s why we’re committing to this significant change if we’re re-elected."

“The changes we’re proposing today builds upon our $4.5 billion in initiatives and reforms we’ve already delivered to boost housing supply, and will support thousands of first homebuyers across our State in the next few years."

“Only WA Labor has the experience to continue driving housing supply and affordability, and we will always do what's right for WA."

“We are already seeing progress, with building approvals in Western Australia far outpacing the rest of the States and housing completions now are their highest level in seven years.”

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