State Government Announces 75% Stamp Duty Rebate of up to $50,000 for “Pre-Construction” Apartment Purchases!
Finally, the McGowan Labor State Government is pulling the right levers to kickstart WA’s economy.
The positive impact of this stamp duty rebate is going to be massive. Below are the key points you need to know.
1) From 23 October 2019 to 23 October 2021, buyers who enter into a pre-construction contract to purchase an apartment will receive a massive 75% rebate off their stamp duty up to $50,000.
2) There is no cap on the purchase price, so if you buy a $1.5M apartment, you only pay $18,365 stamp duty vs normally $68,365. Saving you a massive $50,000!
3) An important fact to note is that the development must NOT have commenced construction. Ie. In “pre-construction” stage.
4) The construction must be completed within 36 months of the contract date.
5) Multiple stamp duty rebates are allowed on separate apartment purchases in same or different developments.
6) Stamp duty rebate applies to Foreigner Buyers as well.
Check out how much you save using the tables below.
General Domestic Buyer
First Home Buyer
Check out how much you save using the tables below. We often hear buyers’ concerns about whether it’s the right time for them to secure an apartment. With this recent announcement, we can’t think of a better time to secure your dream apartment than now.
The market will likely shift up as demand for pre-construction projects are sought after to capitalise on this massive financial incentive.
This makes our latest project Sanctuary Mount Pleasant the perfect choice. We are 30% SOLD and scheduled to start construction first half of 2020 with an estimated completion date of late 2021.
Available for comment