The Cook Government is taking action to further boost housing supply, investing to make apartments more affordable and bring more infill developments online.
The State Government will extend the current off-the-plan transfer duty concession to include apartments that are under construction – a $13.9 million investment to support home buyers.
Buyers of apartments under construction that sign an eligible contract will receive a transfer duty concession of up to 75 per cent of the concession currently available for off-the-plan purchases, capped at $50,000.
The following tiers apply for the under-construction duty concession:
- 75 per cent of duty payable for properties valued up to $650,000;
- 75 per cent sliding to 37.5 per cent of duty payable for properties valued between $650,000 and $750,000; and
- 37.5 per cent of duty payable for properties valued at $750,000 or more.
The concession will be available for purchases from 31 August 2023 until 30 June 2025, in line with the existing off-the-plan transfer duty concession.
It will deliver significant savings for buyers – for example, someone purchasing a $650,000 apartment will receive a reduction in transfer duty of $18,668.
The Cook Government has also today announced a further $15.45 million to support 15 infill developments that will add more than 1,500 new apartments to the State’s housing stock.
The $80 million Infrastructure Development Fund provides funding assistance to address upfront costs associated with connecting essential water, electricity, and sewerage infrastructure, which have constrained development and impacted the viability of housing projects.
Through the Fund, $40 million has been allocated for infill developments in metropolitan Perth and $40 million for workers’ accommodation in regional areas.
In total, nearly $22 million has now been allocated from the infill stream of the fund to support 27 projects and the construction of almost 2,200 apartments, while $12 million has been allocated to three projects through the worker accommodation stream, to deliver almost 500 dwellings in Kalgoorlie, Broome and Shark Bay.
Applications for the Fund remain open until 6 September 2024, or until funds are exhausted. For eligibility guidelines and to apply, visit www.wa.gov.au/infrastructure-development-fund
The initiatives build on the State Government’s $750 million housing package in the 2023-24 State Budget and are aimed at further encouraging more infill housing supply.
