The AICWA is calling on the State Government to assist with targeted policy measures in support of the established residential property sector.
The AICWA has identified 3 key initiatives
1. Raising the Duty concession threshold rate for first homebuyers for established properties to $550k ceasing at $750k
2. First homebuyer grants of $20k for purchasing established properties
3. Duty concessions for retirees 65 years and older who are downsizing
The AICWA’s 3 key initiatives when applied collectively will complement existing stimulus packages bringing much needed help for everyone in the residential property sector.
Stimulating a single sector in preference over a whole of market approach will not achieve lasting benefits for everyone nor will it achieve an immediate step forward in the recovery of the WA property market.
Support for the established residential market has continuously been ignored in favour of the new residential market which has readjusted itself in WA according to demand post boom.
Over the last decade there have been NO initiatives in support of the established property market leaving many homeowners reluctant to relocate or downsize.
We have now experienced four (4) consecutive years of declining registration of property transfers.
Previous property sector stimulus packages targeting new residential homebuyers in WA has contributed to lasting negative impacts such as
1. Creating barriers to accessing low interest rates
2. Higher debt to equity
3. Urban sprawl.
4. A concentrated market of developers
CALL TO ACTION
The AICWA is calling on the State Government to ACTION in support of the established residential property sector and its many small and medium business owners who have gone ignored for far too long.
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