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Keep Stamp Duty Exemption, Says REIWA

By Kevin Kelly

First-time buyers need whatever assistance they can to purchase real estate in Australind and other areas, which is why the stamp duty exemption needs to remain in place.

This is according to the Real Estate Institute of Western Australia (REIWA), which warned the state treasurer not to make any changes to the policy in next month's budget.

REIWA President David Airey noted that the WA property market is doing well at the moment, so it is essential to make sure nothing jeopardises its ongoing recovery.

"The clear evidence from NSW, which recently scrapped its tax concessions for first home buyers, is that first home buyer activity collapsed and hasn't recovered," he stressed.

"It has been a similar experience in Victoria where other concessions for first home buyers were removed or diminished."

REIWA figures show first home buyers in WA can save around $14,000 as a result of not having to pay stamp duty, which gives them the encouragement they need to seek their own property.

The low interest rate environment has given buyers the opportunity to get onto the property ladder for the first time, so every effort needs to be made at state-level to make sure this continues.

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