WA calls for stamp duty concessions for 65+ to downsize

The Real Estate Institute for Western Australia (REIWA) says WA’s 65+ population will grow by 40% to 500,000 people by 2026. That is 20,000 a year for seven years.

REIWA says there isn’t suitable homes available for them. Seven out of 10 homes had three to four bedrooms but only 24% of these homes have families living in them.

REIWA wants stamp duty concessions to assist people to downsize. They point out that in Victoria pensioners are not charged stamp duty for homes up to $330,000 purchase price. NT and the ACT also has concessions.

The retirement village sector can also argue that it, and customers, receive no government support – in effect self-funding affordable, social housing and saving the government purse.