• The issue 

    Western Australia needs the WA Government to implement economic policies which help our state and the real estate sector to grow. 

    REIWA’s vision is that everyone wins in WA real estate. With the right economic policies, we can get closer to that vision than ever before. 

    What is REIWA doing about it?

    REIWA has unparalleled access to data which paints a clear picture of the real estate experience in our state. We regularly provide this data to government, together with our suggestions for economic policy which benefit everyone. 

    Each year, the WA Budget provides projections of government revenue and expenditure for the following financial year and outlines services to be delivered. 

    REIWA engages with the Government each year to do the following: 

    1. Before the budget: Look at the economic and real estate data and suggest policies which might help guide the Government in its budgetary spending. 
    2. After the budget: Closely analyse the Government’s projected revenue and spending, work out what it all means, and communicate that back. 

    As part of the 2021-22 WA Budget, REIWA's focus is on stamp duty and is calling for:

    1. A new way to pay stamp duty, through REIWA’s ‘two stream solution’. REIWA believes that by reducing the burden of the upfront cost of stamp duty, in favour of a smaller annual fee, more people will be able to purchase their own home, which will boost spending and create local jobs. 
    2. A $10,000 grant for seniors ‘right-sizing’. Stamp duty makes it very difficult for seniors to right-size into more suitable accommodation. Introducing stamp duty concessions for seniors will not only make it more affordable for seniors to right-size into suitable accommodation, it will bring larger family homes to the market, making them more affordable for young families. 
    3. Lock in the off-the-plan stamp duty rebate. The scheme has been successful in promoting investment in the WA residential multi-tiered apartment market and has been instrumental in ensuring an ongoing pipeline of projects, which will secure a steady supply of both jobs and diverse housing when we need it most. To remove it would create a disincentive in the apartment market when we need higher density living, so the time is now to lock it in. 
    4. Remove stamp duty on the purchase of small businesses. WA is one of the last states which still collects stamp duty on the sale of business assets. Consequently, we are creating a business environment that is less competitive than the eastern states and creating a cost burden which discourages productivity and the entrepreneurial spirit. REIWA is calling on the WA Government to make small businesses exempt from paying stamp duty on their assets. 

    More information

    For more information, read REIWA's 2021-22 Pre-Budget Submission and view REIWA's response to the 2021-22 WA Budget.