The Nationals WA have announced a groundbreaking commitment to abolish stamp duty for first home buyers,
a move set to benefit up to 20,000 new homeowners and revolutionise the path to home ownership in Western
Australia.
Leader Shane Love MLA unveiled the bold policy at The Nationals WA State Conference and Convention in
Bunbury, calling it a “game-changer” for those struggling to afford their first home.
“Under the Nationals in Government, WA will lead the Nation as the first State to abolish stamp duty for first
home buyers,” Mr Love said.
“This is a monumental step towards getting thousands of Western Australians into their first homes sooner.”
“For years, the stamp duty concession has lagged behind the rising median house price in WA, restricting
access and leaving many potential homeowners out in the cold amidst a housing and cost-of-living crisis.”
While Perth’s median house price currently sits at $680,000, stamp duty exemptions for first home buyers are
capped at properties valued up to $450,000.
“Many first home buyers are finding entry-level homes are now priced well beyond $450,000, and it’s the
Government’s responsibility to ensure the dream of home ownership remains within reach,” Mr Love said.
Under The Nationals’ policy, a first home buyer purchasing a $500,000 home would save $7,500, while those
buying at the median Perth home price of $680,000 would be $26,000 better off.
“In most other States, first home buyers pay little to no stamp duty on similarly priced homes,” Mr Love said.
“It’s unacceptable that WA first home buyers are at a disadvantage, especially in the Nation’s most prosperous
State.
“Our policy will significantly reduce the time needed to save for a deposit and provide first home buyers with
more options in the market.”
Stamp duty reform has long been championed by key industry stakeholders, including the Real Estate Institute
of WA and the Housing Industry Association, who argue it is an inefficient tax which stifles the economy.
“Stamp duty puts a stranglehold on our economy and disproportionately impacts those saving for their first
homes, making it harder for them to overcome the first hurdle and buy their home.”
Mr Love also criticised the Cook Labor Government’s reliance on stamp duty revenue, which currently
generates $2.3 billion annually – surpassing the combined royalty income from gold, lithium and nickel.
“It’s time to reinvest some of these significant proceeds back into the people who work so hard to deliver
them.” Mr Love said.
“After eight years of WA Labor, the gap between homeowners and a generation of renters has never been
wider. The Nationals WA are committed to bridging the gap and supporting first home buyers across the State.”
The policy is expected to cost up to $160 million over four years and will provide support for up to 5,000 first
home buyers in WA each year.
According to Revenue WA there were 3,548 new first homeowners in 2023-24.