Apartment buyers get financial boost

Apartment buyers received a bonus this week with the State Government announcing the off-the-plan stamp duty concession is now available to purchasers of apartments already under construction. Previously the concession only applied to new off-the-plan purchases.

The move follows earlier measures that saw the off-the-plan stamp duty rebate changed to a concession – providing an immediate discount, the thresholds increased and the scheme extended to June 2025.

REIWA CEO Cath Hart welcomed the announcement.

“These changes represent significant savings for buyers - over $18,000 for someone purchasing a $650,000 apartment - and will encourage off-the plan purchases, facilitating development of these projects,” she said.

“With housing supply the greatest challenge facing the market at the moment any action to address the shortage of homes and provide greater housing diversity is to be commended.”

Buyers of apartments under construction that sign an eligible contract will receive a concession of up to 75 per cent of the concession currently available for off-the-plan purchases, capped at $50,000.

The following tiers apply for the under-construction duty concession:

1. 75 per cent of duty payable for properties valued up to $650,000;
2. 75 per cent sliding to 37.5 per cent of duty payable for properties valued between $650,000 and $750,000; and
3. 37.5 per cent of duty payable for properties valued at $750,000 or more.

The Government also announced a further $15.45 million has been allocated through the $80 million Infrastructure Development Fund to support 15 more infill developments, adding over 1,500 apartments to WA’s housing stock.

The Fund provides financial assistance to address upfront costs associated with connecting essential water, electricity, and sewerage infrastructure, which have constrained development and impacted the viability of housing projects.

It includes for $40 million for infill developments in metropolitan Perth and $40 million for workers' accommodation in regional areas.

In total, nearly $22 million has been allocated from the infill stream to support 27 projects and the construction of almost 2,200 apartments, while $12 million has been allocated to three projects through the worker accommodation stream, to deliver almost 500 dwellings in Kalgoorlie, Broome and Shark Bay.