The Real Estate Institute of Western Australia urges all political parties, ahead of this year & # 39; s national election, to ensure formalization of stamp duty remission for unscheduled purchases.
Damian Collins, President of REIWA, said it was essential that the 75% rebate become a permanent feature of the state property tax system to ensure continuity of construction and limit urban sprawl.
"We strongly believe that without this continuing incentive the demand for apartments will decline, impacting the continued supply of diverse housing and job creation for Australians in Australia. # 39; West, "he said.
Without the rebate, off-plan buyers pay stamp duty on the combined value of the land and the building, unlike the house and land lots which are taxed only on the value of the land.
"This gap places an unfair financial burden on those looking to buy on the plane and forces some people to look elsewhere, in some cases causing people to buy in the suburbs of Perth. This is in direct contradiction with the government & # 39; s commitment to reduce urban sprawl and promote infill, "Collins said.
The rebate offsets this "unfair burden" on non-compliant buyers, albeit temporarily, as it is expected to end in October.
"If our state is to continue to recover from the economic impacts of COVID-19, we need to ensure apartments remain attractive to buyers so that there is a healthy supply of construction and development projects. 39; jobs available, ”Collins said.
Top suburbs:
trott park
,
Flemington
,
Darlington
,
Torrensville
,
south of Brisbane
Get help with your investment property
Do you need help finding the right loan for your investment?
When investing in real estate, it is important to ensure that you not only have the lowest available rate possible, but also have the right loan features for your needs. needs.
You only need to fill in a few details below and we will then arrange for a local mortgage broker to contact you and determine the characteristics or types of loans that suit your needs. We'll even help you with the paperwork. In addition, an appointment is free.
We value your privacy and take all your information seriously – you can check
our privacy policy here
