The new scheme has been introduced to help revive WA’s struggling real estate sector. It advocates that a 75% discount on stamp duty would be provided for those who sign a pre-build contract to buy a new unit or apartment. This is only available for two years.
The savings are significant and would represent a reduction of $13,000 on a $500,000 apartment. The new policy does not stipulate a price cap on the purchase price and people are able to apply for multiple rebates when purchasing multiple units.
The stamp duty rebate has been introduced as a stimulus to help combat a downturn in the economy and property demand, according to Treasurer Ben Wyatt, who added:
"This I think will have a dramatic impact in respect to getting early investment, ensuring construction starts on these sorts of apartment complexes."
Community innovations such as this are often marketed through various campaigns online. These are often supplemented with flyer printing to ensure that as many people are aware of a project as possible.
The rebate on stamp duty has been welcomed by industry groups throughout the state who believe the move will help bring buyers back into the property market.