First Home Buyer exemptions increased as Perth property prices soar
With Perth property price growth leading the nation and the median house price now more than $1 million, the state government has lifted the first home buyer stamp duty exemption from $700,000 to properties valued at $800,000 or less.
The changes were announced today, just hours before Premier Roger Cook prepares to hand down the 2026/27 State Budget.
It is the third time the state government has increased the stamp duty exemption cut off, with this most recent time increasing it by $100,000.
The changes, worth $297 million, are expected to deliver savings of up to $22,515 to people buying a new or established home, and up to $25,390 when building a home.
Those who buy or build a home for $600,000 or less will pay no stamp duty, while stamp duty concessions will be available for homes up to $800,000.
The $10,000 First Homes Owners Grant cap will also increase from $750,000 to $800,000.
Across the nation and around the world
Here’s what’s making news across the nation and around the world today:
- Ted Turner, the outspoken television pioneer who created a media empire and transformed the news business by creating CNN and introducing the 24-hour cable news cycle, has died aged 87.
Today’s weather
Welcome to today’s live news blog
Good morning and welcome to our live news blog for Thursday, May 7th.
Making headlines today, it’s state budget day in Western Australia.
Pick the political thorn in the side of the Cook government, and West Australian Treasurer Rita Saffioti has already fired the money cannon at it.
Housing crisis? More than $2.5 billion in state and federal money was announced on the weekend to help build an estimated 34,000 homes. Hospital crisis? Another $1.5 billion committed.
Disclaimer : This story is auto aggregated by a computer programme and has not been created or edited by DOWNTHENEWS. Publisher: www.smh.com.au
