Thanks to stamp duty changes, buying a home in Western Australia (WA) just got a lot more attractive. The WA Government has introduced sweeping changes to stamp duty. The aim is to bolster housing supply and encourage new developments. Learn about the essential changes with Kerry Cable, Strand Legal and Conveyancing’s Business Manager, and how their services can assist you.
Stamp Duty concessions for home buyers and investors
The proposed laws will offer immediate stamp duty concessions worth up to $50,000 for home buyers and investors purchasing off-the-plan apartments in multi-storey developments across WA.
“Unlike the previous system that required financing and recouping the cash later, this discount will save property buyers money at the contract stage itself,” says Kerry Cable.
Expanded exemptions for foreign developers
The changes will extend off-the-plan transfer duty concessions to June 2025 and expand exemptions for foreign developers. Thresholds for concessions have been raised, enabling a 100 percent discount on properties valued up to $650,000, increased from the previous $500,000 limit.
What these changes mean for you
More affordable housing options
By increasing the concession thresholds, more people will have the opportunity to purchase off-the-plan properties.
“This promotes new apartment developments, thereby boosting the overall housing supply,” says Kerry.
Enhanced investment opportunities
With the foreign buyer stamp duty changes, foreign developers are further incentivised to invest in WA’s housing market, potentially attracting more significant investments in apartment projects.
Relief for buyers
Buyers can now enjoy substantial savings, and the more relaxed restrictions will encourage off-the-plan purchases, supporting these projects.
A step towards addressing housing challenges
While these changes are welcomed, there is recognition that more work is needed to completely solve WA’s housing challenges.
How Strand Legal and Conveyancing Can Help
At Strand Legal and Conveyancing, we specialise in guiding clients through the complex world of property law. We’re ready to assist you in the following ways:
Understanding your eligibility
We’ll help you determine whether you qualify for the new stamp duty exemptions and how much you can save on your purchase.
Assisting with legal documentation
Our team will manage all legal documentation required for your property transaction, ensuring compliance with the new regulations.
Offering tailored legal advice
We will provide bespoke legal advice to cater to your unique needs, whether you’re a first-time homebuyer, investor, or foreign developer.
Ensuring smooth transactions
With our extensive experience in conveyancing, we’ll ensure a seamless transaction, leaving you free to focus on the excitement of your new purchase.
A look ahead
These changes reflect the WA Government’s commitment to using every lever to increase housing supply. Although they are a step forward, industry experts such as Tanya Steinbeck, CEO of UDIA WA, believe that additional measures are required. These actions include eliminating the foreign buyer surcharge and extending stamp duty concessions to existing projects.
“The new WA stamp duty exemptions are undoubtedly a game-changer for the property market,” says Kerry.
Creating more opportunities for homebuyers, investors, and foreign developers is paramount. However, understanding and taking advantage of these changes can be complex.
That’s where Strand Legal and Conveyancing come in. With over a decade of experience, Kerry and her dedicated team of professionals will guide you every step of the way.
“From explaining the changes and their implications to assisting with the legal intricacies of purchasing a property, my team is here to make your property journey as smooth as possible.”
Contact Strand Legal and Conveyancing today to learn more about how these changes can work in your favour in this exciting new era for Western Australia’s property market.
Note: This blog provides a general understanding of the changes in WA stamp duty. For specific legal advice tailored to your circumstances, please consult a legal professional at Strand Legal and Conveyancing.