Off the plan stamp duty relief endorsed by State Government
The WA State Government announced today that they will be proceeding with stamp duty relief of up to $50,000 for off the plan apartment purchases.
The rebate is effective immediately and is applicable to all buyers purchasing off-the-plan apartments including first homebuyers, seniors looking to right-size and foreign buyers. Ms Reece Director of WAAA stated that she had held discussions with both Minister Saffioti and Minister Tinley in March this year after research results from 3312 apartment owners indicated that only 14% were prepared to purchase off the plan. “With the future of MetroNet hanging on the balance of apartment pre-sales, this decision by the McGowan Government will ensure that people who have been dissuaded to buy an apartment will now have an added incentive,” Ms Reece said. “This stamp duty relief will undoubtedly stimulate the apartment market and that is very promising with the Government’s focus to achieve 47% infill targets. "WAAA lends its full support to this decision and we thank the relevant Ministers for listening to the voting public of Perth." ABS data indicates that WA only represents 4.7% of total apartments in the Nation in comparison to NSW at 47.2%, Victoria 22.8% and QLD 17.4%.