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REIWA is pleased the Western Australian mid-year budget review has revealed that WA’s economy is expected to grow by three per cent in 2019-20 and congratulates the McGowan Government on reducing the state’s debt.
REIWA President Damian Collins said the improvement in the state’s budget position was a welcome development that provided the McGowan Government with a great opportunity to reinvigorate the WA property sector to the benefit of all West Australians.
“Although the worst of the market downturn appears to be over in WA, our local market remains subdued with the Perth median rent unchanged at $350 per week since April 2017 and the median house price sitting at $479,000 according to reiwa.com data,” Mr Collins said.
“REIWA is pleased to see the WA Government making two key commitments already to promote the growth of the WA real estate sector, with the introduction of the 75 per cent rebate for off-the-plan purchases and the extension of the maximum income limits for Keystart clients.
“While these two initiatives will go some way to boosting transaction numbers, major shifts are needed to reinvigorate the market as revenue from stamp duty and land taxes are at a record low - incentives are clearly needed to give people the confidence to buy and sell property again.
“Stamp duty is the biggest hurdle to home ownership and a significant deterrent for those looking to trade-up or downsize into something more suitable. With West Australians holding onto their properties for longer and less inclined to move, this has resulted in a stagnant property market.”
REIWA will continue to call for the WA Government to undertake a state tax review.
“Tax reform is critical to the prosperity of our state. We would like to see the WA Government set aside funds for a thorough investigation into the economic impacts of phasing out stamp duty in favour of a broad-based land tax,” Mr Collins said.
REIWA congratulates the WA Government on a positive budget for our state and look forward to working with the McGowan Government to deliver further key initiatives to boost the property market.
For more information, view the WA Government's media statement or the WA state budget 2019-20 fact sheet.
REIWA will continue to advocate for a fair property tax system so that every West Australian has the opportunity to reach their home ownership aspirations. For more information about REIWA's advocacy efforts, visit our advocacy page.
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