The WA state budget is in!… and whilst the changes announced last night by treasurer Mike Nahan do present boosts to health, sildenafil disability services and education, things do not bode so well for first home buyers or investors.  To help you get through the political dribble… here are the bite-sized summaries of the three key issues that may affect you from a property point of view:

 

Stamp Duty: Stamp duty is currently not levied in WA on the first $500,000 spent on a first home purchase, but that threshold will now drop to $430,000 from 1 July.

Land Tax: There will be a 10 per cent across the board increase in land tax.  (Last year’s budget saw land tax rise 12.5 per cent!).

Electricity & water: 4.5% and 6% increases respectively.

 

It should also be noted that the above comes after the Barnett Government last September slashed the First Home Owner Grant for people wanting to buy established properties by more than half to $3,000.

 

*Disclaimer: The above information is to be taken as general advice only and is not to be relied upon in making investment decisions.  WELSH Real Estate strongly advise our readers to seek professional advice in relation to any tax and/or investment matter from a qualified adviser.

Follow: Subscribe to this post's comments