The West Australian Government has revealed a $125 million stimulus plan for the state’s home building sector, offering money grants to prospective homebuyers.
Bottom line:
- Owner-occupiers and investors will get a $20,000 grant for new homes
- An existing stamp responsibility rebate has actually been encompassed unsold houses
- Market groups have actually described conditions in the housing sector as “alarming”
Under the $117 million “Building Bonus offer” plan, WA homebuyers– both owner-occupiers and investors– who construct a new house will be qualified for a $20,000 grant.
Homebuyers who acquire a residential or commercial property in a single-storey development which is already under construction– such as a townhouse development– might also obtain the grant.
The plan will not be means-tested and there will be no residential or commercial property value caps.
The Federal government’s announcement comes within days of a comparable scheme revealed by its federal counterpart, which will supply grants of $25,000 for new builds or renovations by owner-occupiers who spend at least $150,000 of their own money, based on a