A new development in the heart of Booragoon will assist in stimulating the local economy and supporting local jobs.
The Amara City Gardens Booragoon development, by Iris Residential, will see 124 apartments constructed close to Westfield Garden City, the Booragoon bus port and with easy access to Kwinana Freeway.
The McGowan Labor Government is investing in the residential construction industry, with a stamp duty rebate to help stimulate the property and construction sectors.
Buyers who sign pre-construction contracts to purchase a new residential unit or apartment in a multi-tiered development will be eligible for a 75 per cent transfer duty rebate of up to $50,000.
Since the McGowan Government announced the rebate in October last year, sales across all Iris projects sales have doubled compared to the proceeding period.
The rebate is available for two years to any purchaser of a dwelling in a multi-tiered development. It builds on the generous stamp duty assistance already available to first home buyers in WA. For example, a first home buyer purchasing an apartment valued at $450,000 would currently pay around $3,800 in duty. The rebate will reduce this to just $960.
As a result of responsible financial management, the McGowan Government is able to introduce the rebate and make it significantly more affordable for buyers to invest in off-the-plan developments.
The Iris Residential development aligns with the McGowan Government’s vision for infill development and high density apartment living close to transport links.
As stated by Planning Minister Rita Saffioti:
“It’s pleasing to see the Amara City Gardens Booragoon development progressing and the significant impact the McGowan Government’s stamp duty rebate has had on encouraging people to buy into the property market.
“Our stamp duty rebate is doing what it is supposed to – helping stimulate the economy, supporting local jobs and encouraging more people into the housing market and their first homes.
“This development also subscribes to our infill policy – helping drive a number of important outcomes for the people of Western Australia, including more affordable housing, a better environment, revitalised shopping precincts and stronger communities.”
As stated by Treasurer Ben Wyatt:
“It’s pleasing to see developments like this benefit from the stamp duty rebate announced last year.
“The stamp duty rebate was designed to deliver a boost to the economy and support the construction industry and property sector. It was part of a range of stimulus measures announced in recent months.
“We have been able to invest in these targeted measures to stimulate the economy due to our strong financial management.”