Nationals promise to abolish stamp duty for first homebuyers ahead of State election to be fought on housing

Stamp duty would be scrapped for all West Aussie first homebuyers under a Nationals’ election promise that would save new owners thousands of dollars. Ahead of an election set to be fought on housing and the cost of living, Opposition Leader Shane Love will announce the bold reform to get more people into their own homes at the Nationals State Conference in Bunbury. Under the plan, stamp duty would be waived for all first homebuyers, no matter the value of the property, or whether it is an established home or a new build, benefitting up to 20,000 families in the next four years. On a property of $680,000 — Perth’s median home price — a buyer would save $26,000 in stamp duty costs. “Abolishing stamp duty for first-time homebuyers recognises the housing market has changed, and young people and those most vulnerable in our society are facing more barriers than ever for home ownership,” Mr Love will say in his keynote speech to the party conference. “It is a practical, affordable measure which provides meaningful support.” Mr Love said the plan, which would cost $160 million over four years, would be funded off the back of Treasury’s unexpected boom in stamp duty receipts from Perth’s hot housing market. “Stamp Duty currently generates $2.3 billion for the Treasury coffers annually – surpassing the royalty income generated by gold, lithium and nickel combined. “In the last financial year, stamp duty grew by $376 million off the back of a sharp rise in residential property prices. “WA Labor is raking in the cash and leaving a generation of young families trapped in an impossibly tight rental market. “It’s time to reinvest some of these significant proceeds back into our communities to ensure home ownership is not just a dream, but a reality for all Western Australians.” Currently, first homebuyers are eligible for a stamp duty waiver for properties up to $450,000, with concessions tapering out to homes worth $600,000. Those concessions were after an expansion by Labor at the last State Budget to cover more homes amid Perth’s property price boom. Despite this, Mr Love said the concessions did not assist enough homebuyers across the State, pointing to Perth’s median home price and that of Bunbury — $800,000 — and Port Hedland, of more than $700,000. “In Bunbury, where a cost increase of 18 per cent in the last year alone, local first-time homebuyers are finding even entry-level homes are now priced well beyond their reach,” he will say. If implemented, the measure would make WA the first State to abolish the duty for first homebuyers, with just the ACT offering the same to locals. The Nationals have made several commitments in the housing space in the lead-up to the election, including payments of up to $10,000 for families left stranded with unfinished houses, and a construction loan program to support under-pressure builders. The March 8 State election marks a turning point for the National Party, which is running candidates in metropolitan Perth for the first time, in a bid to shore up its Upper House vote.