The Western Australian Government is proceeding with plans to build 124 new, infrastructure-connected apartments at the Amara City Gardens Booragoon development.
The development, to be built by Iris Residential, will be constructed close to Westfield Garden City, the Booragoon bus port and with easy access to Kwinana Freeway.
The Western Australian Government is investing in the residential construction industry, with a stamp duty rebate to help stimulate the property and construction sectors.
Buyers who sign pre-construction contracts to purchase a new residential unit or apartment in a multi-tiered development will be eligible for a 75 per cent transfer duty rebate of up to $50,000.
Western Australian Minister for Planning, Rita, Saffioti, said, “It’s pleasing to see the Amara City Gardens Booragoon development progressing and the significant impact the McGowan Government’s stamp duty rebate has had on encouraging people to buy into the property market.
“Our stamp duty rebate is doing what it is supposed to – helping stimulate the economy, supporting local jobs and encouraging more people into the housing market and their first homes.
Since the Western Australian Government announced the rebate in October 2019, sales across all Iris projects sales have doubled compared to the preceding period.
The rebate is available for two years to any purchaser of a dwelling in a multi-tiered development. It builds on the generous stamp duty assistance already available to first home buyers in WA. For example, a first home buyer purchasing an apartment valued at $450,000 would currently pay around $3800 in duty. The rebate will reduce this to just $960.
Western Australian Treasurer, Ben Wyatt, said, “The stamp duty rebate was designed to deliver a boost to the economy and support the construction industry and property sector. It was part of a range of stimulus measures announced in recent months.
“We have been able to invest in these targeted measures to stimulate the economy due to our strong financial management.”
The Western Australian Government said the rebate has been designed to make it significantly more affordable for buyers to invest in off-the-plan developments.
“This development also subscribes to our infill policy – helping drive a number of important outcomes for the people of Western Australia, including more affordable housing, a better environment, revitalised shopping precincts and stronger communities,” Ms Saffioti said.