STAMP DUTY —
OFF-THE-PLAN APARTMENTS
19. Hon Dr STEVE THOMAS to the minister representing the
Treasurer:
I refer to the 23 October 2019 state government announcement
of stamp duty relief of up to 75 per cent for off-the-plan apartments purchased
before construction begins.
(1) In the 16
weeks since that announcement, has there been a change in the level of sales of
existing apartments?
(2) If yes to (1), what was that change?
(3) In the 16
weeks since that announcement, has there been a change in the level of sales of
apartments under construction?
(4) If yes to (3), what was that change?
(5) In the 16
weeks since that announcement, has the government received any advice or
evidence that any construction of apartments has been delayed?
(6) If yes to (5), can the minister
please table that advice or evidence?
Hon
STEPHEN DAWSON replied:
I thank the honourable member for
some notice of the question. The following answer has been provided to me by
the Treasurer.
(1)–(6) The
breakdown of sales by types of apartments under construction has never been
collected by the Department of Finance or the Australian Bureau of Statistics.
However, multi-residential building approvals have increased by 14.6 per cent
in the year to December 2019, which is a very positive sign and compares with
the dire 26.9 per cent annual decline when the Liberal and National Parties
left office.
The feedback from industry is that
the 75 per cent stamp duty rebate for off-the-plan apartments is supporting
activity and jobs in the building construction sector. According to an article
in Business News Western Australia published on 20 January 2020, the
off-the-plan rebate has stoked interest in apartments for not only owner–occupiers,
but also investors. The managing director of Edge Visionary Living, Mr Gavin Hawkins,
was quoted as saying that the impact of the stamp duty rebate has been really
significant, with a pick-up in not just pre-construction, including overseas
sales, but also projects under construction, with broader interest stimulated
across the sector.