Stamp duty cut for off-the-plan apartments in bid to boost WA's ailing property market - Property News AU/NZ | propertynoise.co.nz & propertynoise.com.au

PHOTO: Stamp duty discounts of 75 per cent will be offered to entice off-the-plan apartment buyers. ABC Radio Perth: Emma Wynne

Stamp duty rebates of up to $50,000 will be offered to West Australian property buyers purchasing new off-the-plan apartments in a bid to revive the state’s struggling property sector.

Key points:

The new measures cut stamp duty, but only for apartments bought off the plan
It follows a plea from the real estate lobby to help boost the industry
New measures to ease housing taxes have also been announced by the Opposition

The 75 per cent stamp duty discount would be available to people who signed a pre-construction contract to purchase a new apartment within the next two years.

For a $500,000 apartment, the change would represent a stamp duty saving of more than $13,000.

There is no purchase price cap on the policy, which has been put in place for two years, and people buying more than one unit would be eligible for multiple rebates.