As the leading association representing our local property industry, The Real Estate Institute of Western Australia (REIWA) is committed to ensuring an accessible market for buyers and investors, and will work closely with WA’s new Labor government to address issues affecting Western Australians.
REIWA believes it’s important that the government looks at ways to address housing affordability. In the lead up to the election, REIWA campaigned for key policy reforms, including the need to ensure there are no increases to property taxes.
President Hayden Groves said that Labor needs to look at how taxes such as transfer duty and land tax aggregation affect the buying and investing decisions of the WA public, and must work towards finding more sustainable state revenue sources.
“We recently surveyed WA property seekers about the impact state property taxes have on their lives, and 90 per cent of respondents said these taxes were a barrier to them owning or investing in property,” Mr Groves said.
“Clearly this is a key issue for West Australians and needs to be addressed. We look forward to working with Mark McGowan and his government to help find solutions to these problems, so we can ensure all West Aussies have access to affordable, appropriate and accessible housing options.”
The good news is that WA is currently one of the most affordable states in the country for housing, particularly in comparison to east coast markets like NSW where first home buyers struggle to enter the property market.
Acknowledging that the Labor Government faces a challenging fiscal environment, REIWA still believes an incremental reform of property taxes will encourage both owner occupation and investment.