Time to deliver on housing promises
For many Western Australians, housing continues to be one of the most pressing issues which will receive funding initiatives in this budget. The squeeze of rising living costs, declining affordability and ongoing housing supply shortages are still being felt in many households across the state.
To that end, UDIA WA welcomed WA Labor's housing commitments during the election campaign, many of which closely aligned with our own advocacy.
Now, as we approach the first budget of the new term, we are expecting these promises to be backed with the funding needed to implement them.
While the budget is likely to focus on those already-announced initiatives, there is also an opportunity to look at further initiatives to addressing the state's housing challenges. With smart, targeted investment, the State Government can partner with the private sector to deliver even more homes faster.
Among the key commitments we expect to see funded is the $20.6 million to expand stamp duty exemptions for off-the-plan and under-construction homes by $100,000, including townhouses, villas and apartments.
The State Government also promised $110.7 million to lift the First Home Owner Rate of duty threshold to $500,000, with discounts available for homes priced up to $700,000 in Perth and $750,000 in regional areas.
We also anticipate $75 million for a Build to Rent Kickstart Fund and a $210 million boost to the Keystart shared equity scheme for up to 1000 new apartments and townhomes purchased off-the-plan or under construction, which will help deliver up to 1000 new homes for Western Australians.
The $400 million Housing Enabling Infrastructure Fund is another significant initiative we fully support. Infrastructure investment is essential to unlocking housing supply and bringing new developments to life.
But we can't stop there. UDIA WA is urging further funding to support the delivery of new homes and to help keep housing within reach for more people. This includes ensuring service agencies have the capital budgets they need to avoid delays to residential land development.
We'd also like to see further funding allocated to build on the initial $400 million Housing Enabling Infrastructure Fund to catalyse residential development in key growth areas, as well as an extension and expansion of the existing Infrastructure Development Fund to boost the viability of apartment projects.
UDIA WA has also recommended reforms to improve government efficiency and coordination in planning and approvals.
Overall, this budget is an opportunity for the Cook Government to follow through and make a real difference to the future of housing in WA.
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