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The $70.6 million initiative, announced by the Cook government, will broaden the scope of the concession to include survey-strata dwellings for the first time, opening the scheme to smaller developments, such as duplexes and triplexes.
Previously limited to traditional strata properties, the expansion means buyers purchasing apartments, town houses, villas, units, duplexes, or triplexes in eligible strata schemes off-the-plan or while under construction may now qualify for the concession.
The government has also increased the eligibility thresholds by $50,000. Under the revised settings, buyers will pay no stamp duty on off-the-plan purchases valued up to $800,000, with concessions tapering to 50 per cent for properties above $900,000.
For properties purchased while under construction, buyers will be eligible for a 75 per cent concession up to $800,000, tapering to 37.5 per cent above $900,000.
The expanded concessions take effect immediately and will run until 30 June 2028, extending the current scheme, which was previously due to expire in mid-2026.
Treasurer Rita Saffioti said the changes form part of a broader strategy in the upcoming state budget to accelerate housing supply and improve affordability.
“By expanding stamp duty concessions to more homes, we’re providing greater choice to buyers and making home ownership more affordable,” she said.
“This means older Western Australians looking to downsize can save thousands when buying a new apartment, town house, villa, or unit off-the-plan or under construction.”
Shifting the needle
These latest concessions come as Western Australia continues to be stuck in a supply crunch.
Housing supply in the state has recently fallen to record lows, despite demand surging.
Robert Flynn, director at Perth-based Vorteil Financial Group, welcomed the concessions, but suggested their primary impact may be on development feasibility rather than immediate buyer affordability.
“It’s obviously fairly multi-layered and complicated, and someone will have fun building a calculator to handle all of that, but ultimately it’s a good move,” he said.
“It probably doesn’t change too much on the buyer’s side at the end of the day because I think all it does is give the developers and the sellers a little bit of licence to up the price on the end product, but that’s probably what’s needed.
“Here in WA, a lot of projects are getting delayed or deferred completely because the feasibility isn’t stacking up. I think if you can shift the needle and put a little bit more money back in the developer’s pocket, that might make the profit margin enough for them to go ahead.”
Flynn added that the reform could place additional upward pressure on prices, even as supply increases.
“It probably will push up prices, despite increasing supply. I can’t see property prices going down anytime soon. It’s just a question of whether this is potentially more fuel on the fire. I think we can kind of accept that it’s a variable we don’t have a lot of control over,” Flynn said.
The Real Estate Institute of Western Australia (REIWA) welcomed the amendments.
“This scheme has the potential to boost housing supply, particularly diverse and affordable housing options. It can also make home ownership more achievable, by reducing the costs associated with buying a property,” REIWA president Suzanne Brown said.
Opening up smaller-scale projects
Brown said REIWA particularly commended the inclusion of more medium-density dwellings in the scheme.
“This scheme was initially aimed at boosting apartment construction, however for a range of reasons, apartment construction has struggled in recent years,” she said.
“In addition, REIWA data suggests WA buyers have a strong preference for medium-density living over high-density living, with villas, town houses and home units outperforming apartments for price growth and speed of sale.
“Last year, the scheme expanded to include town houses. This year, the Government has included dwellings in a survey strata scheme, including duplexes, triplexes, villas and units.
“This makes more types of property eligible for stamp duty concessions, which will support urban infill.”
Similarly, Flynn noted that the changes would have the capacity to open up developments that had high demand on the market.
He said: “What I found particularly interesting, and likely very necessary, was the decision to expand the concession to survey-strata developments. That could have a really positive impact on smaller-scale infill projects.
“There are a lot of properties sitting on large suburban blocks, and plenty of smaller ‘mum-and-dad’ style developers who could subdivide and deliver duplex or town house projects. In many cases, you’ve got 800 or 900 square metre blocks in established suburbs that could easily support three or four town houses.
“Not everyone wants to buy an apartment. I think we certainly need to increase the supply of all sorts of units and all sorts of dwellings.
“I’m not sure large-scale developments alone will solve the housing shortage, so opening the scheme up to smaller infill opportunities could make a meaningful difference and help incentivise that kind of supply.”
[Related: WA brokers react to tax relief policy for housing investors]