WA’s largest residential builder, Dale Alcock (ABN Group Managing Director) has celebrated the State Government’s decision to provide a 75 per cent stamp duty rebate for off-the-plan apartments.
“This move by the WA Government will be a significant gain for homeowners looking to buy an apartment,” Mr Alcock said.
From today, homebuyers who purchase a new residential unit or apartment in a multi-tiered development, will be eligible for a 75 per cent transfer duty rebate.
“The rebate of up to $50,000, will particularly help those looking to get their foot into the property market, as well as older West Australians downsizing into a smaller property.
“I applaud the McGowan Labor Government for listening to the industry and taking the right action to provide more stimulus to the property and construction sector,” Mr Alcock said.
This rebate builds on the generous stamp duty assistance that is 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.
This reduction will boost the feasibility of constructing residential apartments within inner city locations Mr Alcock said.
“The flow on effect will be more urban infill and revitalised community precincts alongside infrastructure such as Metronet,” he said.
Andrew Auret, Parcel Property Executive General Manager, said the stimulus would have a positive impact on both the residential construction sector and homebuyers.
“This is fantastic news for our homebuyers looking to purchase an apartment in the next two years,” Mr Auret said.
“Not only does it reflect a cost saving in purchase, but it also means there will be more housing choice available in WA.
“Downsizers, for example, may love the local area they live in but want to downsize into a home with the same quality and features,” he said.