RIEWA president Damian Collins is urging all political parties to look into options to extend the buying-off-plan 75% stamp duty rebate rather than dropping the initiative all together.
“Stamp duty relief for off-the-plan sales not only helps the government meet its target of 47% of new dwellings in infill locations, but it helps increase the speed of transition from apartment sales to actual construction activity,” said Mr Collins.
“REIWA asks all political parties to commit to stamp duty relief for off-the-plan purchases. There is a lot which can be done to help both the Western Australian economy and the property market. Let’s focus on moving forward rather than backwards.” Mr Collins went on to say, following the six-point plan REIWA launched in October last year would help boost WA’s economy.
RIEWA’s six-point plan consists of the following;
- Increasing the stamp duty exempt threshold for first home buyers
- Reintroducing the $7000 First Homeowners Grant for established properties
- Introducing a $10,000 concession on stamp duty for seniors
- Removing the stamp duty penalty for off-the-plan purchases
- Revoking the foreign owner duty surcharge
- Conduct a state tax review.
Mr Collins said that, “REIWA’s six-point plan outlines recommendations we believe will help boost the economy and enable more people to enter the property market.”
This is a summary of the article ‘Don’t drop current stamp duty relief, RIEWA’ by a Staff Writer | The West Australian | Tuesday, 25th February 2020.