The WA Government has announced a $444 million housing stimulus package to deliver a major boost to WA’s COVID-19 economic recovery, and support the building and construction sectors.
The comprehensive housing package will provide incentives for Western Australians to build new homes and deliver more social and affordable housing options for Western Australians.
The housing package is outlined below.
Building Bonus package and new home construction grant
A $125 million Building Bonus package to ramp up activity in the residential building sector, stimulate the economy and support around 2,600 local jobs has been announced the by WA Government.
The package includes $117 million for $20,000 Building Bonus grants.
The Building Bonus grants are open from 4 June 2020 until 31 December 2020.
A grant of $20,000 is available for eligible applicants who:
- enter into a contract to build a new home; or
- purchase a new property in a single tier development (such as a townhouse) prior to construction finishing.
For more information visit the Department of Finance.
Off-the-plan duty rebate
$8.2 million has been allocated by the WA Government to expand the existing 75 per cent off-the-plan transfer duty rebate, up to $25,000, to purchases in multi-tiered developments under construction, in addition to pre-construction contracts.
The Off-the-Plan Duty Rebate Scheme promotes investment in the WA residential multi-tiered apartment market and stimulates jobs in the construction industry by providing a rebate of duty paid on eligible unit or apartment purchases.
The rebate is available to owner-occupiers and investors who:
- purchase of an off-the-plan dwelling in a multi-tiered development that is under construction; and
- sign a contract between 4 June 2020 and 31 December 2020.
The existing rebate applies to the purchase of an off-the-plan dwelling in a multi-tiered development that has not started being built (pre-construction contracts).
For more information visit the Department of Finance.
Social housing economic recovery package
The Social Housing Economic Recovery package is expected to support and create about 1,700 jobs, with 780 in regional WA.
The $319 million social housing package will refurbish 1,500 homes, build and purchase approximately 250 new dwellings and deliver a regional maintenance program to 3,800 homes.
For more information see the New $444 million housing stimulus for Western Australia media statement or visit the Department of Finance.
