REIWA calls for prop­erty costs re­lief

Pilbara News - - Property - ■ Louise Alling­ham

The Real Es­tate In­sti­tute of WA is call­ing on the State Govern­ment to en­cour­age buyer ac­tiv­ity in the prop­erty mar­ket in its sub­mis­sion to the an­nual Bud­get process.

REIWA has warned against in­creas­ing the costs in­volved with buy­ing a prop­erty at this time, fear­ing it may de­ter West Aus­tralians from en­ter­ing the mar­ket.

REWIA pres­i­dent Hay­den Groves said in­creased cost would es­pe­cially put off first-home­buy­ers.

“Keep­ing the first-home­buy­ers ac­tive is cru­cial to bol­ster­ing the broader mar­ket and some­thing the Govern­ment should pri­ori­tise when set­ting pol­icy for the com­ing year,” he said.

The sub­mis­sion also rec­om­mends a re­bate on trans­fer duty for se­nior cit­i­zens to en­cour­age ap­pro­pri­ate down­siz­ing.

Other rec­om­men­da­tions in­clude trans­fer duty re­lief for off-the-plan de­vel­op­ments and house and land projects, no fur­ther changes be made to rates or thresh­olds for land tax and that the State Govern­ment un­der­take a State tax re­view.

Mr Groves said the prop­erty mar­ket had al­ways been an easy tar­get for tax rev­enues.

“The prop­erty mar­ket pro­vides a reg­u­lar, al­beit fickle, source of in­come for the State through prop­erty taxes but that’s by no means a rea­son to fur­ther in­crease the costs in­volved in buy­ing prop­erty to make up any short­fall,” he said.

Alling­ham Pic­ture: Louise

In­creased costs, es­pe­cially for first-home­buy­ers, may de­ter Pil­bara res­i­dents from en­ter­ing the mar­ket.

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