Why city buyers could snag a double discount

Gone are the days when buying off-the-plan apartments was one of the more expensive options available to homebuyers.

Due to the current shortage of housing across Western Australia, State and Local Governments, like the City of Perth, are incentivising off-the-plan purchases in a bid to boost supply.

This means buyers looking for city living stand to be big winners by potentially snagging a ‘double discount’, while enjoying living in a brand new home that’s never been lived in.

Stamp duty concessions or rebates

Stamp duty can be a significant cost to many buyers looking to enter the property market, or seeking to up- or downsize their current residence.

But in WA, stamp duty is currently being discounted for off-the-plan buyers.

The State Government is offering an upfront concession of up to 100 per cent, capped at $50,000 for buyers who sign a pre-construction contract for an apartment worth up to $650,000, until 30 June 2025. 

The full range of concessions and rebates are offered on a sliding-scale depending on property value and contract dates and can be viewed here.

Council rates reimbursement

On top of stamp duty savings, inner-city apartment buyers could also benefit from the City of Perth’s rate reimbursement program for a full three years. 

The City is offering owners of new apartments who have received Development Approval between the 1 July 2023 and 30 June 2027 a 50 per cent reimbursement of their rates.

This discount is exclusively for apartments in the Central Perth neighbourhood, which is bound by Kings Park in the west, Roe Street in the north and Hill Street in the east.

Buyers looking to a new inner-city apartment can potentially avoid the upfront cost of stamp duty and enjoy discounted council rates for the first three years of living in their new home.