A comprehensive survey conducted by WA real estate portal, reiwa.com, has pinpointed stamp duty as a major obstacle for prospective homeowners, especially affecting first-home buyers and individuals looking to downsize.
Stamp duty, also known as “transfer duty,” is a state tax levied on the sale of residential properties in Western Australia. The amount required to be paid depends on several factors, including the property’s price, its location, and whether the buyer is purchasing their first home.
REIWA CEO Cath Hart (pictured above) shared insights from the survey, which garnered nearly 15,000 participants.
“More than 60% of survey respondents agreed stamp duty was a significant barrier to homeownership in Western Australia,” Hart said.
The survey results underscored the challenges faced in the WA property market, which has seen a robust price surge, with Perth’s median property price soaring by 23.3% to $740,000 as of December.
According to Hart, the financial burden of stamp duty is considerable, significantly extending the time first-home buyers need to save for a deposit.
ANZ’s data suggested that the timeline for accumulating a sufficient deposit has now reached nearly a decade.
“This aligns with the survey results which showed nearly half of the respondents said they were supportive of raising the First Home Owner Rate of Duty to reflect higher property prices,” Hart said.
The REIWA survey also revealed that 63% of participants see stamp duty as a significant deterrent for downsizers, who are often reluctant to incur the substantial transaction costs associated with moving to a more suitably sized home.
“Seventy-one per cent of respondents to the survey supported a stamp duty concession to enable people to downsize,” Hart said.
Reflecting on the survey’s implications, Hart discussed REIWA’s 2025 Election Platform, which aims to foster a more efficient and effective housing market in WA.
The platform proposes adjustments such as increasing thresholds for the First Home Owner Rate of Duty and Home Buyers Assistance Accounts, and introducing stamp duty concessions for downsizers.
“Housing is clearly a key priority for the WA community in the upcoming election, and we are pleased to see the strong focus on housing from the various political parties,” Hart said.
