- Cook Government taking further action to boost
housing supply
- Transfer duty concessions extended to include
apartments under construction, saving home buyers tens of thousands of dollars
- Significant funding boost for infill projects to
help bring more than 1,500 new apartments online
- Builds on the State Government's $750 million
package in the 2023‑24 State Budget to boost housing supply
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.
Comments attributed to Premier Roger Cook:
"Right
across the country we are seeing significant pressure on our housing markets –
and the best way to tackle the issue is to bring more housing online.
"Our
Infrastructure Development Fund will help to deliver thousands of additional new
apartments into the market.
"These
initiatives will help home buyers get into apartments, bringing down the cost
of purchasing a new apartment."
Comments attributed to Treasurer Rita
Saffioti:
"Our
Government is doing everything we can to boost housing supply and the extension
of the transfer duty concession to purchases of apartments under construction
is a direct response to feedback we have received from industry.
"We
want to make sure that apartment developments aren't being held up and
extending the concession to include apartments under construction will remove
another constraint preventing projects getting underway.
"We're
also encouraging more supply by removing barriers to infill development through
our $80 million Infrastructure Development Fund and $55 million Infill Sewerage
Fund, which is helping remove one of the most significant barriers to
development – the upfront cost of connecting critical infrastructure like power
and water."
Comments attributed to Finance Minister Sue
Ellery:
"This $13.9 million investment builds on the
State Government's $750 million package in the 2023-2024 State Budget to boost
housing supply across Western Australia.
"The
extension of the duty concession provides significant transfer duty relief for
people who purchase apartments in new developments after construction
commences.
"Together with the existing
off-the-plan transfer duty concession, these measures provide some of the most
generous support in the country to support people in purchasing apartments, to
boost housing supply and encourage urban infill."
Comments attributed to Planning and Housing
Minister John Carey:
"Our Government is doing everything we can to boost medium and
high-density dwellings, which will be critical in meeting the future demand for
housing in Western Australia.
"Density drives vibrancy, life, and
street activity, which helps create a real sense of place – for both locals and
tourists alike.
"Density
delivers foot traffic for small business and helps to keep local schools,
libraries, and other community services and groups – like playgroups – open and
thriving.
"More
importantly density provides housing choice – and it attracts younger people
and families to ageing suburbs.
"The $80 million
Infrastructure Development Fund is a key part of our Government's efforts to
help the industry with significant up-front costs involved in establishing
essential infrastructure for housing developments – which we
know has delayed projects throughout WA.
"All of these programs
will encourage more infill development, particularly in strategic locations
that are close to public transport, like the new train stations being delivered
through our METRONET program."
