Stamp Duty Rebate for Off-the-Plan Buyers Introduced.
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The Urban Development Institute of Australia (UDIA WA) Chief Executive Officer, Tanya Steinbeck attended the announcement by Premier Mark McGowan, Treasurer Ben Wyatt and Planning Minister Rita Saffioti that introduced a stamp duty rebate for off-the-plan apartment buyers.
The announcement comes just one week after UDIA joined forces with the four other major industry bodies in Western Australia to present a package of housing stimulus policy measures to Housing Minister Peter Tinley and Minister Saffioti, which included a stamp duty concession for multi-unit developments.
Dominic Heaton-Watson, Associate Director, International Residential Project Marketing, Knight Frank Malaysia comments, “As part of the new rebate, buyers who sign pre-construction contracts to purchase a new residential unit or apartment within a multi-tiered development where development has not commenced will be eligible for a 75 per cent transfer duty rebate of up to $50,000.”
The rebate will be available on any purchase of a dwelling in a multi-tiered development for two years from today. There will be no cap placed on the purchase price and multiple rebates will be available to the same applicant for an additional unit or apartment purchases within the same or different developments.
Heaton-Watson notes UDIA is supportive of this rebate that has the potential to significantly benefit off-the-plan apartment buyers across the spectrum both domestically & internationally – including the Knight Frank overseas property investment community here in Malaysia.
Following this announcement, UDIA is hopeful there will be further stimulus measures introduced to assist the property and development industries in line with our recommendations and we will continue to advocate for further measures to be introduced.