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