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four years of record low transactions, culminating in the lows of 2019 where
there was a 55 per cent decrease in the number of sales compared to 2005, it’s clear
that the property industry needs stimulus to attract buyers and investors back
into the market.
President Damian Collins said the Western Australian property market is an
integral part of the state’s economy which provides housing and a regular
source of income for the State Government of WA.
plan for prosperity post COVID-19 outlines recommendations that we believe will
help boost the economy and enable more people to enter the property market,” Mr
is calling on the WA Government to commit to a full state tax review and
feasibility study of a two-stream revenue collection approach to stamp duty.
two-stream approach would allow buyers to decide whether to pay the stamp duty
upfront, or whether to opt in for an annual fee for the duration of ownership,
with the reduction in upfront costs encouraging more transactions with a
significant flow on effect to economic activity,” Mr Collins said.
only is stamp duty a hindrance to affordability, it limits household’s ability
to make appropriate housing decisions in accordance with their lifestyle
choices, changing needs or economic reasons.
order to ensure WA has the right mix of housing options and diversity to meet
the changing needs of the community, REIWA recommends that seniors’ households
should be given the opportunity to right size and free up their existing
housing by obtaining a concession on stamp duty costs for their next home,” Mr
current 75 per cent stamp duty rebate for buyers of off-the-plan and under
construction apartments has been vital in ensuring an ongoing pipeline of
projects, which in turn ensures a steady supply of diverse housing and jobs for
person bought an off-the-plan apartment prior to the rebate they paid stamp
duty on the combined value of the land and the build, compared to a
house-and-land package that is taxed solely on the value of the land.”
keep off-the-plan apartments in line with house-and-land packages, REIWA
recommends making the 75 per cent rebate permanent.
one of three states or territories that continues to collect stamp duty on a
business purchase. A buyer who purchases a business to a value of $5 million
will be liable for $251,415 in stamp duty.
stamp duty was abolished for the purchase of a small business, the potential
saving could go towards employing five staff members on a full-time basis or 10
businesses facing even bigger challenges due to the impacts of COVID-19, we
need to be encouraging people to buy small businesses which will create
much-needed jobs, generate additional spending, as well as giving a helping
hand to those who need to sell.”
2019, the number of first home buyers reached its lowest levels since 2011 at
just 13,653 and of those, 8.285 were for established properties and 5,368 were
first home owners access to the $7,000 grant for established homes could
increase their purchasing power and encourage more buyers, resulting in more
stamp duty from the trade-up market.” Mr Collins said.
the full submission made to the WA Government here.
REIWA notes that QLD have led the way and will be removing further restrictions from its emergency r...
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The WA Government has extended the emergency period, meaning that the Residential Tenancies (COVI...
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