The Real Estate Institute of Western Australia (REIWA) hopes the new Western Australian Labor-led government would look at more ways of addressing housing affordability.
REIWA President Hayden Groves said it is important in particular for Labor to address the barrier state property taxes, like transfer duty and land tax aggregation rules, have on the buying and investing decisions of the WA public, and work towards finding more sustainable state revenue sources.
Despite the record, low-interest rates and a softer housing market, a recent Housing Affordability Report by the Adelaide Bank and Real Estate Institute of Australia found affordability declined in WA in the December quarter by 0.5 percentage points to 23.3 percent.
“Additionally, we recently surveyed WA property seekers about the impact state property taxes have on their lives, and 90 percent of respondents said these taxes were a barrier to them owning or investing in property,” Groves said.
“Clearly this is a critical issue for West Australians and needs to be addressed. We look forward to working with Mark McGowan and his government to help find solutions to these problems, so we can ensure all West Aussies have access to affordable, appropriate and accessible housing options.”
“We understand the tough fiscal position facing the new government; however, REIWA’s scenario analysis shows these proposed reforms, in particular, the transfer duty exemption for seniors looking to ‘right size’, has the potential to have a positive impact on the state budget,” Groves said.
“REIWA will continue to advocate for our members and the WA public on their key housing concerns, and we welcome the opportunity to discuss these issues with the new McGowan Government.”
