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The West Australian government has announced a slew of budget measures to boost housing across the state, including a new loan offering for infill apartment development purchasers.
The two-year pilot for the Keystart Urban Connect Home Loans programs will offer loans for the purchase of apartments in medium and high-density developments of two or more bedrooms in METERONET precincts and priority urban infill areas.
WA premier Mark McGowan said the budget was aimed at supporting more affordable housing options.
“The WA economy continues to outperform the rest of the country and it's initiatives like these that support the significant pipeline of work into the future, keeping people in jobs and attracting more people to WA,” McGowan said.
“We have a big focus on keeping cost of living pressures off WA families and that's why we continue to support communities and households through measures such as our $400 Household Electricity Credit, provision of free Rapid Antigen Tests and capped public transport fares to the cost of two zones only.”
The number of loans is capped at 300, with income and property purchase limits for a sole income of $180,000 for singles with a property purchase limit of up to $550,000, and combined income of $200,000 for couples and families with a property purchase limit of up to $650,000.
The median house price in Perth is $892,000 while the median apartment price is $430,000.
Other housing initiatives across the state include a 50 per cent land tax concession for new build-to-rent projects starting July 1, 2023; a stamp duty rebate of up to 100 per cent for eligible off-the-plan purchases; and planning reforms to include density bonus for private projects which includes 5 per cent social housing.
Housing minister John Carey said the budget commitments would encourage infill development and deliver affordable housing near public transport nodes.
“We're also delivering range of tax reforms and incentives to boost housing and land supply, encourage urban infill and improving housing affordability across the State,” Carey said.
“This government continues to work proactively with industry to cut red tape and deliver reforms, assisting many more Western Australians get into the housing market.”
