Stamp Duty exemptions in Western Australia were introduced in 2007 and have been pointed out as a successful endeavor, attracting home buyers despite ongoing issues with cost of living and affordability in the state. Things are about to change as the government has decided to scrap these exemptions for first home buyers in the May budget.
The Real Estate Institute of Western Australia has urged the government to reconsider this move, as first home buyers can save as much as $14,000 because of the exemption. With an interest rate hike and addition of stamp duty, these factors are not favorable for first home buyers. Properties priced within $400,000 and $750,000 has intensified over the past 6 months, and removing the exemptions will surely drive away home buyers from the market.
Read more about this on the Adviser website.