WA has witnessed continued price growth over the past couple of years which has been mainly due to a rise in the demand for houses led by solid population growth and less than expected building completion rates. This increase in prices has not only forced the first home buyers to pay more for a house but many have become ineligible for current stamp duty concessions.
With the introduction of new stamp duty thresholds from 21st March 2025 first home buyers will benefit from the below exemptions and concessions.
Stamp duty exemption threshold:
1. Perth & Peel –
For first home buyers: increased from $450,000 to $500,000
Concession: increased from $600,000 to $700,000
2. Regions –
For first home buyers: increased from $450,000 to $500,000
Concession: increased from $600,000 to $750,000
3. Entire WA vacant land purchase –
Value of land to not exceed $450,000 which previously was at $400,000
Concession on stamp duty increased from $300,000 to $350,000
Off-the -plan stamp duty concessions:
1. No duty up to $750,000, previously $650,000
2. 100 per cent duty concession now reduced to 50% for properties valued between $750,000 to $850,000, previously $650,000 to $750,000.
3. 50 per cent duty concession for property above $850,000, previously $750,000
Under construction concessions:
1. Property with a value up to $750,000 to have 75 per cent duty concession, previously $650,000
2. Property with a $750,000 to $850,000 tag price will have 75 per cent duty concession reduced to 37.5 per cent, previously $650,000 – $750,000
3. Property with a $850,000 + value to have a 37.5 per cent duty concession, previously $750,000
Read full article at:
https://reiwa.com.au/news/reiwa-welcomes-increase-to-stamp-duty-thresholds-for-first-home-buyers/