When smaller is better: Strata wins in 2019
The popularity of strata property in metropolitan Perth is poised to accelerate, as the WA government announces its latest scheme to support residential infill.
Effective immediately, the Off-the-Plan Duty Rebate Scheme makes buyers who sign pre-construction contracts to purchase a new residential unit or apartment in a multi-tiered development eligible for a 75 per cent transfer duty rebate of up to $50,000.
The rebate will be available for two years to any purchaser of a dwelling in a multi-tiered development. No cap will be placed on the purchase price and multiple rebates will be available to the same applicant for additional unit or apartment purchases within the same or different developments.
This rebate builds on the stamp duty assistance that is already available to first home buyers in WA. For example, a first home buyer purchasing an apartment valued at $450,000 would currently pay around $3,800 in duty. The rebate will reduce this to just $960.
This scheme supports other infill initiatives, including recent rezoning decisions across metropolitan Perth which have encouraged a flurry of subdivisions.
“Infill helps to drive a number of important outcomes for the people of Western Australia, including more affordable housing, a better environment, revitalised shopping precincts and stronger communities”, said WA Treasurer Ben Wyatt.
More information about the rebate is available from the Department of Finance website.
Interested in further understanding the changes and opportunities concerning strata and subdivision? Look no further than WCPT’s specialised CPD sessions, Strata Changes 2019 and I want to subdivide – Can you sell it for me?.