- 2024-25 State Budget includes $1.1 billion in new funding for initiatives to boost housing and land supply, improve affordability and bolster support services
- Funding increase brings the Cook Labor Government's total new investment in housing and homelessness since 2021-22 to $3.2 billion
- Funding to expand the Social and Affordable Housing Investment Fund
- Additional $92.2 million to support more than 120 homelessness services and boost case management and supports for people experiencing homelessness
- Stamp duty exemption and concessions threshold lifted to $450,000 and $600,000 for first homebuyers
- New incentive scheme offering $5,000 payments to owners of vacant properties willing to offer them on the long-term rental market
The Cook Labor Government will strengthen its record total investment in social and affordable housing and supports for those who need it most, as part of major funding commitments unveiled in the 2024-25 State Budget to boost supply of homes and land for Western Australians.
The $1.1 billion funding boost brings the Cook Labor Government's total new investment in housing and homelessness measures since 2021-22 to $3.2 billion. New commitments in the 2024-25 State Budget include:
- $400 million to expand the Social and Affordable Housing Investment Fund - taking the number of additional social homes to be delivered in this term of government to nearly 5,000 - while also ensuring WA's fair share of affordable housing funding from the Commonwealth Housing Australia Future Fund to deliver affordable housing and refurbishments to existing social housing;
- $92.2 million for a critical service uplift to more than 120 homelessness services across Western Australia and to boost case management and online service supports for people experiencing homelessness;
- $50.1 million boost for Government Regional Officer Housing (GROH) and continued freeze on GROH rents for key government workers in regional WA for 2024-25;
- $34.8 million to unlock regional development-ready land for new housing in Broome, Karratha and Kalgoorlie; and
- $5 million to provide $5,000 incentive to owners of currently vacant properties to offer them to Western Australians on the long-term rental market.
In a boost for first homebuyers struggling to enter the current housing market, the Government will provide:
- an exemption from stamp duty for properties valued up to $450,000 (formerly $430,000); and
- a concessional rate of duty for properties valued up to $600,000 (formerly $530,000).
This is estimated at a cost of $82.3million, with almost 5,000 first homebuyers expected to benefit from savings of up to $15,390 per year.
The 2024-25 Budget includes $84 million in spending to boost the capacity of our residential construction workforce to grow the industry to allow it to keep pace with the strong growth in our economy and population, including incentives for construction apprentices to complete their trades through milestone payments and tool allowances, grants and subsidies to employers, and extending the operations of the Construction Migration Office.
A key focus of the 2024-25 State Budget is providing cost of living support to Western Australians. In line with this, the Cook Government will continue to freeze all Government Regional Officer Housing (GROH) rents for key government workers in regional WA, including for the 2024-25 financial year.
For more information, visit ourstatebudget.wa.gov.au.
As stated by Premier Roger Cook:
"WA's nation-leading economy and enviable lifestyle are driving significant demand for housing - so we are doing everything we can to boost supply of housing, social housing and rentals.
"The 2024-25 State Budget builds on my Government's record investments in initiatives to get more Western Australians into homes they can afford - particularly those who need it most.
"We're also funding innovative new measures like the Vacant Property Rental Initiative Scheme and training milestone payments for construction apprentices to improve access to housing supply quickly and create a pipeline of workers to help meet future demand."
As stated by Treasurer Rita Saffioti:
"With Western Australia's growing population, we continue to explore every measure to boost and invest in housing supply and affordability.
"We're addressing housing supply from all angles, increasing support for first homebuyers by lifting stamp duty exemptions and concession thresholds, incentives to bring vacant homes back onto the long-term rental market, as well as significant funding for social and affordable housing and homelessness providers.
"This investment extends to our regions, with a boost for Government Regional Officer Housing, plus nearly $35 million to unlock development-ready land in Broome, Karratha and Kalgoorlie."
As stated by Housing Minister John Carey:
"This Government remains acutely aware of the housing pressures felt across the country, including in Western Australia.
"The Cook Government in this Budget has increased its record new housing and homelessness commitments to $3.2 billion and will now deliver nearly 5,000 additional social homes.
"The Cook Labor Government has already added more than 2,100 social homes with a further 1,000 currently under contract or construction, in line with our commitments made under the previous record investments.
"The 2024-25 State Budget delivers more than $1 billion in support of housing, land and homelessness measures and the revamped Social and Affordable Housing Investment Fund will provide more housing options - particularly for those most vulnerable in our community."
As stated by Commerce Minister Sue Ellery:
"It's no secret that some tenants in Western Australia are doing it tough at the moment, facing a combination of low vacancy rates and rising rents.
"Our Government has a raft of measures working to ease the burden, including the Rent Relief Grant program and the Short-Term Rental Accommodation Scheme.
"The new vacant property incentive is the latest initiative we are actioning to boost supply and to support those who need it most."
