In the lead-up to the Western Australian state election, Premier Colin Barnett has promised a $15,000 stamp duty discount for seniors who wish to downsize.
Speaking at the launch of the Liberal Party campaign on Sunday (19 February), Barnett said the concession would apply to those moving into both new and established dwellings valued up to $750,000.
The program will cost the government $20m per year and will help more than 4,000 seniors save around $50m.
“Most people have worked all their lives, they’ve paid their taxes and we want to give them a hand if they want to change their living conditions,” he said.
Labor also held its campaign launch on the same day with opposition leader Mark McGowan vowing to introduce a foreign buyers surcharge.
This 4% stamp duty surcharge would apply to all purchases of residential property in Western Australia by foreign buyers.
“It’s working in Queensland, it’s working in Victoria and Mike Baird introduced it in NSW,” he said.
Money from the surcharge would be used to freeze fee hikes that have been occurring in the state’s tertiary training institutions and TAFEs.