Perth home buyers will benefit from a range of new housing measures from the newly re-elected WA Government. Photo: Chameleonseye.
The Western Australian Government has made good on its election promise to increase exemption on stamp duty and introduce new concessions for first home buyers and those purchasing land and apartments.
The new measures have taken effect already, with the goal of making housing more accessible for Western Australians.
“Not only does Western Australia have the fastest-growing economy in the nation, we have the fastest-growing population, which creates pressures in areas like housing,” Premier Roger Cook said.
“But my government will never stop working towards every Western Australian having a home, which is why we are making home ownership more affordable for first home buyers and supporting new housing supply across Western Australia.
“These sensible changes will deliver real savings for Western Australians looking for their first home, helping to turn the dream of home ownership into reality for thousands of people each year.”
First home buyers will be affected by the following policies:
• A stamp duty exemption threshold increase from $300,000 to $350,000 for vacant land purchases statewide.
• A stamp duty concession threshold increase from $400,000 to $450,000 for vacant land purchases statewide.
• A stamp duty exemption threshold increase from $450,000 to $500,000 for house purchases outside Perth and Peel.
• A stamp duty concession threshold increase from $600,000 to $750,000 for house purchases outside Perth and Peel.
• A stamp duty exemption threshold increase from $450,000 to $500,000 for house purchases in Perth and Peel only.
• A stamp duty concession threshold increase from $600,000 to $700,000 for house purchases in Perth and Peel only.
The new measures mean that Western Australians buying their first home will pay no stamp duty on a home valued up to half a million dollars, saving them nearly $18,000. These measures also mean that they will save on stamp duty for homes valued up to $700,000 in Perth or Peel or $750,000 outside of that area.
In addition, first home buyers securing vacant land will pay no stamp duty on purchases up to $350,000, saving them almost $11,000, and saving money on land valued up to $450,000.
The government expects that about 22,000 first home buyers will see benefits from the changes and around 8000 will no longer pay any stamp duty when they buy established homes or vacant land.
The government also announced further measures for home buyers, with stamp duty concessions for new off-the-plan home purchases, before or during construction, being expanded.
The threshold for home purchases before construction begins will be lifted by $100,000, meaning no stamp duty will be required for dwellings up to a value of $750,000, while those with a value up to $850,000 receive a 50 per cent concession.
Buyers of dwellings purchased while under construction will benefit from a 75 per cent concession available up to $750,000, reducing to a 37.5 per cent concession above $850,000.
“Our government increased first home buyer stamp duty exemptions and concessions for the first time in over a decade last year,” Treasurer Rita Saffioti said.
“Now, we’ve increased the level of support again, to save Western Australians thousands of dollars when they purchase their first home.
“These important measures will help more Western Australians get into the housing market, while also increasing housing supply and choice now and into the future.”
The alterations apply to apartments and townhouses on strata plans for the first time in an effort to boost housing density, increase choice in housing and give options to seniors looking to downsize.
The expanded concessions apply to off-the-plan purchases until 30 June, 2026, and are already in effect.
Information about eligibility and concessions can be found on the Western Australian Government’s website.
