WA tips $50k FHB grants into lower Perth property prices

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Last week, the Real Estate Institute of Western Australia (REIWA) joined forces with other property industry groups – the Property Council of Australia (PCA), Urban Development Institute of Australia (UDIA), Master Builders Australia (MBA) and House Industry Association (HIA) – to demand a range of stimulus measures to boost Perth’s sagging housing market.

These stimulus measures included:

  • Increase the Keystart purchase price cap to $550,000.
  • Combine and match Keystart’s couples and families income categories to match new family limits.
  • Increase stamp duty exemption to $550,000 for first home buyers.
  • Introduce a stamp duty concession for seniors right-sizing.
  • Reduce the foreign owner duty surcharge to four percent.
  • Increase social housing through new builds and spot purchases.
  • Amend Perth’s Regional Migration Status.

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About the author
Leith van Onselen is Chief Economist at the MB Fund and MB Super. He is also a co-founder of MacroBusiness. Leith has previously worked at the Australian Treasury, Victorian Treasury and Goldman Sachs.