Rising house prices and a challenging rental market will ensure housing is a key focus for voters at this weekend's state election.
In the lead up to the election, the WA community shared some of their concerns via a Housing Issues survey on reiwa.com. Nearly 15,000 responses were received, with respondents noting stamp duty is a barrier to home ownership and downsizing.
REIWA would like to see policies that support an efficient and effective housing market and have been engaging with the political parties on our election platform and the issues facing the market.
In particular we'd like to see:
The thresholds for the First Home Owner Rate of Duty increased to address the strong increase in property prices over the past few years. Currently the thresholds see no duty paid for homes valued up to $450,000 and a concessional rate paid on purchases up to $600,000. We would also like the thresholds pegged to REIWA's medians to allow them to move with the market.
The threshold for the Home Buyer Assistance Account increased. This account provides grants of up to $2,000 to help first home buyers with the incidental costs of buying a home. The threshold was lifted from $400,000 to $500,000 in December 2024. We would like it lifted further and pegged to REIWA's median so that it reflects market conditions.
A stamp duty concession for downsizers. Stamp duty is a deterrent for many downsizers. They are living in homes that are too big for their needs but the prospect of paying thousands of dollars in upfront costs to downsize sees many simply stay where they are.
Balanced rental reforms. We know investors are sensitive to legislative change. The mass exodus of investors post-COVID saw about 20,000 rental properties removed from the market and contributed to WA's rental crisis. While the rental market is easing, we need to maintain a legislative environment that supports investors otherwise we could easily see a return of the challenging conditions experienced in the past few years.
REIWA's policy proposals also address the need for more affordable rentals and social housing to support vulnerable tenants.
You can read our full platform here.
There has been a strong focus on housing from all the political parties in the lead up to the election. Below are some of the proposed initiatives. REIWA is pleased to see several parties adopt policies from our election platform.
Labor
WA Labor to deliver $130 million boost to support first home buyers and multi residential projects
WA Labor to kickstart deliver of new affordable rentals
WA Labor to support thousands into home ownership for the first time
WA Labor promises home battery scheme
Liberal
WA Liberals announce new Regional Housing Infrastructure Program
WA Liberals offer $20,000 downsizing stamp duty rebate
WA Liberals to unlock 100,000 homes
WA Liberals to cut stamp duty tax for first home buyers
Nationals
Nationals WA to abolish stamp duty for first home buyers in Australian first
The Greens
Renters' rights
