State Government increases stamp duty exemption threshold for first home buyers

The State Government has delivered its first election commitment, set to save some first home buyers nearly $18,000.

Western Australians buying their first home won't have to pay any stamp duty on a house valued up to $500,000 (up from $450,000) and those buying a house valued up to $700,000 (up from $600,000) in Perth or Peel or $750,000 outside of those regions will partially benefit from the new housing policy.

For those buying vacant land, first home buyers won't pay stamp duty on purchases up to $350,000, saving them almost $11,000.

Around 22,000 first home buyers are expected to benefit from these changes, with roughly 8000 no longer paying any stamp duty when they buy established homes or vacant land. 

“Not only does Western Australia have the fastest growing economy in the nation, we have the fastest growing population, which creates pressures in areas like housing," Premier Roger Cook said.

“But my government will never stop working towards every Western Australian having a home, which is why we are making home ownership more affordable for first home buyers and supporting new housing supply across Western Australia. 

“These sensible changes will deliver real savings for Western Australians looking for their first home, helping to turn the dream of home ownership into reality for thousands of people each year.”

Further information about the eligibility requirements and how to access these concessions can be found on the www.wa.gov.au website.