WA Labor pours cold water on Liberals’ downsizer stamp duty rebate policy, silent on rival incentive plan

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WA Labor pours cold water on Liberals’ downsizer stamp duty rebate policy, silent on rival incentive plan

Housing Minister John Carey has poured cold water on the Liberals’ plan to incentivise downsizing – and indicated WA Labor has no rival proposal up its sleeve as it heads to the State election.

Leader Libby Mettam announced on Saturday that if her party managed to seize power in March, it would offer empty-nesters and other older voters a $20,000 stamp duty rebate to move out of big homes and free up supply for families.

“The Cook Labor Government have run out of ideas to address the housing crisis that has been created under their watch,” Ms Mettam told reporters.

“First, they cut the State skills list, they invested less than Tasmania in social housing and we have seen them invest and push through with Metronet competing against the private property housing market.”

Ms Mettam estimated the stamp duty relief would “unlock” about 5000 properties across WA.

“It is a policy which industry have been calling for, it is a sensible policy.”

But Mr Carey dismissed the pledge as “really quite extraordinary”, saying it would “have perverse outcomes”.

“This is a Liberal thought bubble that does nothing about supply and will actually increase housing prices by fueling demand,” the Minister said.

“Also, ironically, it will give a financial advantage to existing homeowners over first home buyers.”

Opposition housing minister Steve Martin hit back.

“If the housing minister thinks it’s appropriate for two grandparents to be in a five-bedroom home who desperately want to get out of that home … that’s up to him,” Mr Martin said.

“That big stamp duty impost is holding back people.

“It will make some of those vacant bedrooms in WA available for younger families when those homes hit the market.”

Camera IconHousing Minister John Carey has poured cold water on the Liberals’ plan to incentivise downsizing – and indicated WA Labor has no rival proposal up its sleeve as it heads to the State election. Credit: Riley Churchman/The West ***********

Mr Carey said the Cook Government was doing “everything” it could to boost housing supply.

Asked what it would do to encourage downsizing, he pointed to existing financial incentives for off the plan apartments.

“That’s available to first home buyers, that’s available to seniors and people already right now,” Mr Carey said.

The policy was welcomed by REIWA, with chief executive Cath Hart noting the transfer duty was a significant barrier to many people downsizing, adding thousands of dollars in upfront transaction costs.

The WA Liberals have also promised stamp duty relief targeting first homebuyers, lifting exemptions by $100,000 to $550,000.

That compares to a median house price of $727,500 and $485,000 for a unit, according to the latest REIWA figures last week.

The Liberals have also promised a $500 million fund to fast-track the delivery of 90,000 homes and 10,000 apartments.

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