The 2024-25 state budget introduced by the Cook government includes significant measures to support first-home buyers, according to REIWA CEO Cath Hart (pictured above).
“While there is no silver bullet to addressing the challenges WA’s housing market faces, we welcome the fact the government has opted for incentives to boost housing supply, rather than punitive measures such as new taxes as we’ve seen in other states,” Hart said.
The budget has revised the property price thresholds for first-home buyer stamp duty exemptions.
The changes reflect current market conditions, with first-home buyers now exempt from transfer duty on homes valued up to $450,000, previously $430,000, and concessional rates on homes up to $600,000.
“This is the first time the thresholds have been amended since July 2014 and the median house price in Perth is now around $630,000 so lifting the thresholds will be a welcome change to support first home buyers in WA,” Hart said.
The budget also allocates $3.3 million in 2024-25 for the new dispute resolution process under the Residential Tenancies Act reforms. Additionally, the government announced the Vacant Property Rental Incentive Scheme and the extension of the Short-Term Rental Accommodation Incentive Scheme. These initiatives aim to increase the availability of long-term rental properties and mitigate the impact of housing shortages.
The government is committing an additional $400m to expand the Social and Affordable Housing Investment Fund, aiming to deliver another 1,000 social homes. Furthermore, $92.2m will support more than 120 homelessness services across WA, addressing urgent housing needs.
To alleviate the cost of living, the budget includes a $400 energy bill credit for households and small businesses, alongside educational support payments and free public transport for school-aged children. The state forecasts robust economic growth and an operating surplus, signaling a strong financial outlook for WA.
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