Many off-the-plan apartment buyers in Western Australia will wave goodbye to stamp duty under new changes aimed at boosting housing supply and encouraging new developments.

Under the proposed laws introduced this week, homebuyers and investors purchasing off-the-plan apartments in multi-storey developments across WA will receive an immediate stamp duty discount worth up to $50,000.

This will save property buyers money at the contract stage rather than having to finance and recoup the cash later as a rebate.

The WA Government also committed $33 million to extending its off-the-plan transfer duty discount to June 2025, lifting the concession thresholds, and expanding foreign developer exemptions.

To read this article in full, including comments from UDIA WA CEO Tanya Steinbeck, click here.