The McGowan Labor Government will extend the transfer duty rebate for new residential units or apartments in a multi-tiered strata development for a further two years to make home ownership more accessible to Western Australians.
The rebate of 50 per cent transfer duty up to $50,000 will now apply to buyers who sign pre-construction contracts between October 24, 2021 and October 24, 2023 (inclusive) to purchase a new residential unit or apartment in a multi-tiered strata development.
The current rebate available up to October 23, 2021 is 75 per cent up to $50,000 for pre-construction contracts for homes in multi-tiered strata developments.
The 2021-22 State Budget includes $26.2 million for the rebate extension, which adds to the number of measures put in place by the McGowan Government to improve access to housing and stimulate the economy.
Building approvals in WA have soared with the introduction of a range of measures, including the $20,000 Building Bonus grant and $166.3 million Regional Land Booster package.
In 2020-21 there were nearly 27,000 new home building approvals across the State - an increase of 89 per cent over the year.
The transfer duty rebate builds on the generous transfer duty assistance that is already available to first homebuyers in Western Australia.
For example, a first homebuyer purchasing an apartment valued at $450,000 would pay around $3,838 in duty without any rebate. The 50 per cent rebate will reduce this to just $1,919.
To find out more about the rebate, visit https://www.wa.gov.au
For more information, visit https://www.ourstatebudget.wa.gov.au
As stated by Premier Mark McGowan:
"Western Australia has a range of measures available to homebuyers to make it more affordable for people to get a place of their own.
"We have seen enormous activity in the construction sector over the past year, which will translate to more affordable homes and more jobs."
As stated by Finance Minister Tony Buti:
"This rebate applies to new residential units or apartments in a multi-tiered strata development, so it's a great way to encourage infill and a good opportunity for first homebuyers or downsizers.
"As we are seeing with METRONET, more exciting and vibrant communities are being built close to public transport and this rebate makes accessing these high-amenity locations easier."
As stated by Planning Minister Rita Saffioti:
"Urban infill and residential developments close to METRONET will deliver more affordable housing options with easy access to public transport for our growing populations.
"Older Western Australians looking to downsize will also benefit from this significant rebate."
