How this 32-year-old built a $2.5m property portfolio
Being a first-generation migrant who saw his parents work hard for everything they had, this property investor used it a...
Western Australia’s peak real estate body has urged Premier Mark McGowan to make a concentrated effort on encouraging local investors back into the market following his 2021 election win.
The Real Estate Institute of Western Australia (REIWA) has congratulated Mr McGowan and the Western Australian Labor Party on their recent win, but also expressed its disappointment over a lack of commitment outlined to the state’s property market.
“WA is facing housing supply issues in the sales and rental sectors simultaneously, and these problems will only worsen without long-term policy initiatives to address barriers to entering the housing market,” said REIWA president Damian Collins.
“While the building grants during the pandemic did help to create additional supply, we are disappointed that there were no commitments, other than a limited amount of additional public housing, from the WA Labor Party to help tackle these problems, particularly given the state’s enviable budget surplus position.
“Now is the time for bold reform to help more Western Australians access housing. Critically, we need to address the rental shortage and help encourage investors back into the market to free up housing for tenants.”
The comments come after the REIWA called on all political parties to commit to five recommendation in the lead-up to the state election.
The recommendations, as outlined by the REIWA are for parties to commit to:
1. Support stamp duty reform that provides greater choice and opens doors to home ownership.
2. Develop a plan to tackle WA’s rental shortage.
3. Create local jobs by removing stamp duty on the purchase of a small business.
4. Boost the retail sector through a modern and flexible legislative framework that encourages innovation.
5. Formalise the off-the-plan stamp duty rebate to secure ongoing construction jobs and limit urban sprawl.
“Stamp duty is a key area of concern for WA buyers, and there is clearly a desire for this inefficient tax to be reformed,” Mr Collins said, noting that a survey conducted by the body showed 90 cent of respondents considered the tax to be a significant barrier to home ownership, while 60 per cent said they would opt for an ongoing annual payment if given the choice.
“Other states, like NSW, are taking these steps so there is no reason why WA shouldn’t also be looking at alternative methods of revenue collection to help ease the financial burden on buyers and make housing more affordable,” Mr Collins added.
“It’s not too late for the WA government to prioritise the housing market and put policies in place that help address the growing housing supply issues facing our state.
“We hope to work closely with the McGowan government in the coming years to tackle these issues so we can help achieve a fair and prosperous property market for all Western Australians.”