Industry welcomes major housing stimulus package
The Property Council strongly welcomes the McGowan Government's announcement of a $444 million housing stimulus package to boost WA’s post COVID-19 economic recovery, stimulate industry activity and protect local jobs.
The comprehensive housing package includes a number of incentives for Western Australians to build new homes and increase the supply of much-needed social and affordable housing options for Western Australians.
“The addition of the McGowan Government’s Building Bonus on top of the Federal Government’s HomeBuilder scheme is an absolute game-changer for Perth’s languishing residential property market,” said Sandra Brewer, Property Council WA Executive Director.
“Both levels of government have responded swiftly to the economic destruction caused by the COVID-19 pandemic. This critically-needed stimulus package will ensure industry activity is maintained, in turn saving thousands of local jobs.
“We are pleased to see the State Government chose to top up the Federal Government’s HomeBuilder scheme by $20,000 and increase the supply of social and affordable housing, both measures suggested in Property Council’s 7-Point-plan for economic recovery.
“We’re thrilled the State Government has adopted our suggestion to expand the existing 75 per cent off-the-plan transfer duty rebate to developments under construction, a measure that has been consistently advocated by Property Council WA.”
“The decision to enable the Department of Communities to acquire approximately 250 dwellings will help absorb some of the pipeline of apartments under development and will accelerate projects to construction stage.
“This will be a game changer for some developers who have experienced historically low levels of apartment presales, giving them a boost to be able to start construction.
“Unfortunately, we are stuck with the foreign buyer surcharge for now, it is pleasing to see that the stamp duty rebates for multi-tiered developments are available to investors and overseas buyers.
“There is an incentive for nearly everyone in the State government’s package. With no strict income criteria, no price caps or limitation to owner-occupiers or first home buyers, WA families have the opportunity to right-size and avoid the full hit of the ‘mobility tax’ that is stamp duty.”
“This places WA at a significant advantage to other States in attracting migrants who are attracted by our safe, clean environment and enviable lifestyle.” Ms Brewer said.
Sandra Brewer | M 0418 501 030 | E [email protected]