Calls for property friendly WA budget

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The Real Estate Institute  of Western Australia (REIWA) has called for the state’s government to deliver a budget this year that will encourage activity in property sector.

In a submission to the government, REIWA has urged the government not to target the property sector as a means to increase tax revenue and has called for no increases to the costs involved with buying property in WA.

“The property market provides a regular, albeit fickle source of income for the State through property taxes but that’s by no means a reason to further increase the costs involved in buying property to make up any shortfall,” REIWA president Hayden Groves said.

“Increasing the costs, especially for first home buyers, will deter West Australians from entering the market. Keeping first home buyers active is crucial to bolstering the broader market and something the Government should prioritise when setting policy for the coming year,” Groves said.

A major pointy of REIWA’s submission is for the government it introduce a stamp duty rebate for elderly homeowners looking to downsize.

“By making it more appealing to downsize, the market would be in a better position in terms of offering the right mix of housing options to meet the changing needs of the community,” Groves said. 

“Again, it’s about the State Government looking at ways to encourage activity in the market and by making it easier to downsize it ensures that, where possible, appropriate and affordable housing options exist for all West Australians.” 

REIWA has also lobbied for stamp duty relief for off-the-plan developments and house and land projects, as well as calling for the government to maintain the existing stamp duty exemption for first home buyers at $430,000.

The group has also called for no changes to rates or thresholds for land tax in the state, while land tax aggregation rules should be abolished.

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