- Cook Government introduces new legislation to help more Western Australians into the property market
- Changes include an increase to transfer duty concessions for first homebuyers
- The changes also extend off-the-plan duty concession to 30 June 2026 and increase thresholds for concession by $100,000
- Single-tier strata dwellings included in off-the-plan concession for the first time
The Cook Government is delivering on a promise to boost housing affordability and get more Western Australians into homes of their own.
The Bill to amend the Duties Act 2008 was introduced in the Western Australian Parliament today to provide greater assistance for first homebuyers and for people buying an apartment off-the-plan.
The proposed changes will assist around 22,000 first homebuyers over the next four years, with about 8,000 buyers no longer paying any transfer duty when buying their first home or vacant land to build their first home. The changes include:
- no duty being payable on homes valued up to $500,000, saving eligible first homebuyers nearly $18,000;
- a reduced rate of duty being applied to homes valued between $500,000 and $700,000 in the Perth metropolitan and Peel regions, and to homes valued between $500,000 and $750,000 outside those regions; and
- first homebuyers purchasing vacant land to build their first home will pay no duty on land valued up to $350,000 and a reduced rate of duty will apply to land valued between $350,000 and $450,000.
In addition, the off-the-plan duty concession will be extended until 30 June 2026 with thresholds for the concession lifted by $100,000. This means that a 100 per cent concession, capped at $50,000, will be available for properties valued up to $750,000 that are purchased before construction commences. This will be an increase from $650,000.
The concession will phase down to a 50 per cent concession for properties valued above $850,000, capped at $50,000, which will be an increase from $750,000.
For properties purchased while under construction, a 75 per cent concession, capped at $50,000, is available for properties valued up to $750,000 which will be an increase from $650,000. This phases down to 37.5 per cent for properties valued above $850,000, which will be an increase from $750,000.
Off-the-plan dwellings on single-tier strata schemes and community title (building) schemes (excluding survey-strata schemes) will also be eligible for the duty concession for the first time.
The changes to the first homebuyers and off-the-plan duty concessions will be backdated to apply to purchases from 21 March 2025.
More information on the eligibility criteria is available from wa.gov.au .
As stated by Premier Roger Cook:
"My government will never stop working towards ensuring every Western Australian has a home.
"Helping more first homebuyers into the market through our stamp duty reforms is a key priority for my government.
"Not only does Western Australia have the fastest-growing economy in the nation, we have the fastest-growing population, which creates pressures in areas like housing.
"We recognise the challenges first homebuyers face in trying to get a foot on the property ladder and that's why we've committed to this significant change.
"This legislation will build on the $4.5 billion in initiatives and reforms we've already delivered to boost housing supply and will support thousands of first homebuyers across our State over the next few years."
As stated by Treasurer Rita Saffioti:
"Housing supply and affordability is one of our top priorities, which is why this legislation is being prioritised.
"We want to deliver on our commitment to make housing more affordable for first homebuyers as soon as possible.
"Under these changes, first homebuyers could save up to $18,000 on the purchase of their first home, while increasing support for first homebuyers purchasing land will help drive new supply."
As stated by Finance Minister David Michael:
"These amendments are part of the Cook Labor Government's commitment to increasing housing affordability for Western Australians.
"This is important legislation. As well as increasing concessions for eligible first homebuyers and off-the-plan purchases, for the first time, the off-the-plan duty concession will also be expanded to purchases of townhouses or villas in a single-tier strata or community titles (building) scheme.
"This will further boost housing density, increase housing choice and provide more options for seniors to downsize."
