REIWA has welcomed the WA Liberals' policy announcement that they would increase the First Home Owner Rate of Duty (stamp duty) exemption and concession thresholds to help more first home buyers access the property market.
"Overcoming the 'deposit gap' remains one of the biggest challenges for first home buyers and stamp duty is part of this so REIWA is supportive of initiatives that help first home buyers get a foot on the property ladder," REIWA CEO Cath Hart said.
"We welcomed the update to the current thresholds for the scheme announced in the May 2024-25 Budget however the market has continued to shift since then with Perth's median house price now $700,000 as of September.
"It makes sense to ensure that the criteria of various schemes reflects current property market conditions to provide consistent support for Western Australians seeking home ownership, rather than a shrinking number as prices increase.
"Keystart recently announced that it would adopt REIWA's price data to inform the eligibility thresholds for its scheme — this data-driven approach is also well-suited to the First Home Owner Duty concessions."
