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More than 22,000 home buyers are expected to benefit from the latest announcement by the Western Australian government.
The Western Australian Labor government has increased stamp duty exemptions and concessions for first home buyers in its first major housing policy announcement since its re-election in March.
For purchases made after 21 March, the stamp duty exemption threshold for house purchases in Perth and Peel will increase from $450,000 to $500,000 while the concession threshold for first home buyers will increase from $600,000 to $700,000.
For house purchases in regions outside Perth and Peel, the stamp duty exemption threshold will increase from $450,000 to $500,000 and the concession threshold for first home buyers will increase from $600,000 to $750,000.
The stamp duty exemption threshold for statewide vacant land purchases will increase from $300,000 to $350,000 while the stamp duty concession threshold for first home buyers will increase from $400,000 to $450,000.
The state government said the move means that Western Australians buying their first home under $500,000 could save nearly $18,000.
Vacant land exemptions and concessions
First home buyers purchasing vacant land will also not pay stamp duty on purchases up to $350,000, saving them almost $11,000, and will also save money on stamp duty for land valued up to $450,000.
Around 22,000 first home buyers are expected to benefit from the changes, with roughly 8,000 no longer paying any stamp duty when they buy established homes or vacant land, the Western Australian government said.
Premier Roger Cook said the changes would make home ownership more affordable for first home buyers and support new housing supply across the state.
“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,” Premier Cook said.
“But my government will never stop working towards every Western Australian having a home, which is why we are making home ownership more affordable for first home buyers and supporting new housing supply across Western Australia.
“These sensible changes will deliver real savings for Western Australians looking for their first home, helping to turn the dream of home ownership into reality for thousands of people each year.”
Off-plan duty concessions expanded
The government also announced that it had expanded and extended stamp duty concessions for new off-the-plan homes purchased before or during construction.
Thresholds were lifted by $100,000 for dwellings purchased before construction commences, meaning that no stamp duty will be paid for dwellings up to $750,000, tapering to a 50 per cent concession above $850,000.
For dwellings bought while under construction, a 75 per cent concession is available up to $750,000, tapering to a 37.5 per cent concession above $850,000.
The changes apply to apartments and also include town houses on strata plans for the first time, a move the Western Australian government said will help boost housing density, increase housing choice, and provide more options for seniors to downsize.
The Labor government said the stamp duty reforms would save people purchasing new strata apartments or town houses up to $15,000.
The expanded concessions will apply to off-the-plan purchases from 21 March 2025 until 30 June 2026.
Western Australian Finance Minister David Michael said that buyers who are eligible for the new thresholds and need to pay duty under the previous thresholds at settlement can apply for a refund when the system changes are implemented.
“Legislation to support these changes will be introduced into Parliament as a priority once Parliament resumes,” he said.
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