Seniors stamp duty concession welcomed
The Property Council welcomes the Liberals’ announcement of a stamp duty concession for seniors downsizing. This addresses the biggest emerging problem in the WA housing market, the severe lack of local housing diversity for seniors. Seniors will be attracted to moving to more suitable housing in areas that that they want to live. It will also help free up larger existing homes for younger families.
We understand that more details about the stamp duty concession will be announced this week, however we do know that up to $15,000 in stamp duty concession will be available for people over 65 buying a home up $750,000.
The Property Council has strongly advocated for more assistance for seniors housing needs and it is good to see this being recognised. The small hit to the state budget will be easily made up by extra housing construction and more real estate activity.
We are calling on all parties contesting the WA election to match this commitment.