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  • REIWA welcomes opportunity to work with newly elected Labor Government

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    Mark McGowan & The WA Labor PartyThe Real Estate Institute of Western Australia (REIWA) congratulates the WA Labor Party on their election victory on Saturday, and welcomes the opportunity to work with them on the housing issues affecting West Australians.

    REIWA President Hayden Groves said it is important WA’s new government look at ways to address housing affordability.

    “In particular, Labor needs to look at the barrier state property taxes, like transfer duty and land tax aggregation rules, have on the buying and investing decisions of the WA public, and work towards finding more sustainable state revenue sources,” Mr Groves said.

    Despite record low interest rates and a softer housing market, a recent Housing Affordability Report by the Adelaide Bank and Real Estate Institute of Australia found affordability declined in WA in the December quarter by 0.5 percentage points to 23.3 per cent.

    “Additionally, we recently surveyed WA property seekers about the impact state property taxes have on their lives, and 90 per cent of respondents said these taxes were a barrier to them owning or investing in property,” Mr Groves said.

    “Clearly this is a key issue for West Australians and needs to be addressed. We look forward to working with Mark McGowan and his government to help find solutions to these problems, so we can ensure all West Aussies have access to affordable, appropriate and accessible housing options.”

    In the lead up to the election, REIWA campaigned for four key policy reforms:

    1. No increases to state property taxes.
    2. Abolish land tax aggregation rules.
    3. Transfer duty exemption for “right sizing”.
    4. Transfer duty concession for off-the-plan transactions.

    “We understand the tough fiscal position facing the new government, however REIWA’s scenario analysis shows these proposed reforms, in particular the transfer duty exemption for seniors looking to ‘right size’, has the potential to have a positive impact on the state budget,” Mr Groves said.

    “REIWA will continue to advocate for our members and the WA public on their key housing concerns, and we welcome the opportunity to discuss these issues with the new McGowan Government.”

    Find out more about REIWA's State Election campaign.