❓ Mr. Wyatt asks about the impact of doubling the first home buyers' stamp duty threshold. Mr. Ripper responds by highlighting the positive impact on first home buyer activity, citing increased financial approvals and grant applications.
AnsweredQoN 368Legislative Assembly
QuestionView source ↗
FIRST HOME BUYERS - STAMP DUTY THRESHOLD
Can the Treasurer inform the house of the impact of the state government’s budget announcement of a doubling of the first home buyers’ stamp duty threshold? Mr E.S. RIPPER
Can the Treasurer inform the house of the impact of the state government’s budget announcement of a doubling of the first home buyers’ stamp duty threshold? Mr E.S. RIPPER
AnswerView source ↗
The latest figures for home buyer financial approvals show that first home buyers are indeed the big winners from the budget tax measures. To remind the house of what those measures are, the stamp duty exemption threshold was doubled from $250 000 to $500 000 for a home, and from $150 000 to $300 000 for vacant land. That means that the first home buyer purchasing a $500 000 property is now making a saving of $20 700. These are the most generous stamp duty exemptions for first home buyers in the nation, and first home buyers are responding. The latest bank figures show a dramatic increase in first home buyer activity, with the proportion of total financial approvals improving from 20 per cent to 24 per cent in the June quarter of 2007. There has also been a significant increase in first home owner grant applications since the release of the budget. Applications for the grant totalled 1 345 in May, 1 514 in June and 1 834 in July 2007. That is to be compared with the monthly average of 1 059 over the first 10 months of 2006-07, and the monthly average of 1 437 since the beginning of the first home owner grant. Since it was elected, the government has provided 107 000 first home owner grants, totalling more than $805 million. An opposition member: Who pays for that? Mr E.S. RIPPER : The taxpayers of Western Australia pay for that, my friend. The state government has also provided stamp duty exemptions or concessions to 32 500 first home buyers, totalling more than $170 million, since the introduction of the first home buyer stamp duty exemptions in 2004. That is getting close to a total of $1 billion in state government assistance for first home buyers since the government was elected in 2001. We doubled the stamp duty exemption thresholds at a time when housing market indicators suggested some moderation of activity in the housing market from the very strong levels experienced, particularly in 2006. That meant that there was less likelihood of the benefit being swallowed up by those selling houses and getting higher prices rather than going to the people who need it - first home buyers. However, what the government is doing for first home buyers is only one of its measures to address the pressures that people are experiencing in the housing market. Other measures include the $300 million First Start shared equity home loan scheme; land tax and metropolitan improvement tax reforms, which will reduce pressure on rent; and $417 million over the next four years for increased investment in public and community housing and assistance for people trying to get into the rental market. Stamp duty exemption for first home buyers was the centrepiece of this year’s budget, and these figures show that the government’s strategy is working. Mr P.D. OMODEI : I take the opportunity on behalf of the member for Dawesville to acknowledge the students from Falcon Primary School in the public gallery today.
Mr E.S. RIPPER replied: The latest figures for home buyer financial approvals show that first home buyers are indeed the big winners from the budget tax measures. To remind the house of what those measures are, the stamp duty exemption threshold was doubled from $250 000 to $500 000 for a home, and from $150 000 to $300 000 for vacant land. That means that the first home buyer purchasing a $500 000 property is now making a saving of $20 700. These are the most generous stamp duty exemptions for first home buyers in the nation, and first home buyers are responding. The latest bank figures show a dramatic increase in first home buyer activity, with the proportion of total financial approvals improving from 20 per cent to 24 per cent in the June quarter of 2007. There has also been a significant increase in first home owner grant applications since the release of the budget. Applications for the grant totalled 1 345 in May, 1 514 in June and 1 834 in July 2007. That is to be compared with the monthly average of 1 059 over the first 10 months of 2006-07, and the monthly average of 1 437 since the beginning of the first home owner grant. Since it was elected, the government has provided 107 000 first home owner grants, totalling more than $805 million. An opposition member: Who pays for that? Mr E.S. RIPPER : The taxpayers of Western Australia pay for that, my friend. The state government has also provided stamp duty exemptions or concessions to 32 500 first home buyers, totalling more than $170 million, since the introduction of the first home buyer stamp duty exemptions in 2004. That is getting close to a total of $1 billion in state government assistance for first home buyers since the government was elected in 2001. We doubled the stamp duty exemption thresholds at a time when housing market indicators suggested some moderation of activity in the housing market from the very strong levels experienced, particularly in 2006. That meant that there was less likelihood of the benefit being swallowed up by those selling houses and getting higher prices rather than going to the people who need it - first home buyers. However, what the government is doing for first home buyers is only one of its measures to address the pressures that people are experiencing in the housing market. Other measures include the $300 million First Start shared equity home loan scheme; land tax and metropolitan improvement tax reforms, which will reduce pressure on rent; and $417 million over the next four years for increased investment in public and community housing and assistance for people trying to get into the rental market. Stamp duty exemption for first home buyers was the centrepiece of this year’s budget, and these figures show that the government’s strategy is working. Mr P.D. OMODEI : I take the opportunity on behalf of the member for Dawesville to acknowledge the students from Falcon Primary School in the public gallery today.
The latest figures for home buyer financial approvals show that first home buyers are indeed the big winners from the budget tax measures. To remind the house of what those measures are, the stamp duty exemption threshold was doubled from $250 000 to $500 000 for a home, and from $150 000 to $300 000 for vacant land. That means that the first home buyer purchasing a $500 000 property is now making a saving of $20 700. These are the most generous stamp duty exemptions for first home buyers in the nation, and first home buyers are responding. The latest bank figures show a dramatic increase in first home buyer activity, with the proportion of total financial approvals improving from 20 per cent to 24 per cent in the June quarter of 2007. There has also been a significant increase in first home owner grant applications since the release of the budget. Applications for the grant totalled 1 345 in May, 1 514 in June and 1 834 in July 2007. That is to be compared with the monthly average of 1 059 over the first 10 months of 2006-07, and the monthly average of 1 437 since the beginning of the first home owner grant. Since it was elected, the government has provided 107 000 first home owner grants, totalling more than $805 million. An opposition member: Who pays for that? Mr E.S. RIPPER : The taxpayers of Western Australia pay for that, my friend. The state government has also provided stamp duty exemptions or concessions to 32 500 first home buyers, totalling more than $170 million, since the introduction of the first home buyer stamp duty exemptions in 2004. That is getting close to a total of $1 billion in state government assistance for first home buyers since the government was elected in 2001. We doubled the stamp duty exemption thresholds at a time when housing market indicators suggested some moderation of activity in the housing market from the very strong levels experienced, particularly in 2006. That meant that there was less likelihood of the benefit being swallowed up by those selling houses and getting higher prices rather than going to the people who need it - first home buyers. However, what the government is doing for first home buyers is only one of its measures to address the pressures that people are experiencing in the housing market. Other measures include the $300 million First Start shared equity home loan scheme; land tax and metropolitan improvement tax reforms, which will reduce pressure on rent; and $417 million over the next four years for increased investment in public and community housing and assistance for people trying to get into the rental market. Stamp duty exemption for first home buyers was the centrepiece of this year’s budget, and these figures show that the government’s strategy is working. Mr P.D. OMODEI : I take the opportunity on behalf of the member for Dawesville to acknowledge the students from Falcon Primary School in the public gallery today.
An opposition member: Who pays for that? Mr E.S. RIPPER : The taxpayers of Western Australia pay for that, my friend. The state government has also provided stamp duty exemptions or concessions to 32 500 first home buyers, totalling more than $170 million, since the introduction of the first home buyer stamp duty exemptions in 2004. That is getting close to a total of $1 billion in state government assistance for first home buyers since the government was elected in 2001. We doubled the stamp duty exemption thresholds at a time when housing market indicators suggested some moderation of activity in the housing market from the very strong levels experienced, particularly in 2006. That meant that there was less likelihood of the benefit being swallowed up by those selling houses and getting higher prices rather than going to the people who need it - first home buyers. However, what the government is doing for first home buyers is only one of its measures to address the pressures that people are experiencing in the housing market. Other measures include the $300 million First Start shared equity home loan scheme; land tax and metropolitan improvement tax reforms, which will reduce pressure on rent; and $417 million over the next four years for increased investment in public and community housing and assistance for people trying to get into the rental market. Stamp duty exemption for first home buyers was the centrepiece of this year’s budget, and these figures show that the government’s strategy is working. Mr P.D. OMODEI : I take the opportunity on behalf of the member for Dawesville to acknowledge the students from Falcon Primary School in the public gallery today.
Mr E.S. RIPPER : The taxpayers of Western Australia pay for that, my friend. The state government has also provided stamp duty exemptions or concessions to 32 500 first home buyers, totalling more than $170 million, since the introduction of the first home buyer stamp duty exemptions in 2004. That is getting close to a total of $1 billion in state government assistance for first home buyers since the government was elected in 2001. We doubled the stamp duty exemption thresholds at a time when housing market indicators suggested some moderation of activity in the housing market from the very strong levels experienced, particularly in 2006. That meant that there was less likelihood of the benefit being swallowed up by those selling houses and getting higher prices rather than going to the people who need it - first home buyers. However, what the government is doing for first home buyers is only one of its measures to address the pressures that people are experiencing in the housing market. Other measures include the $300 million First Start shared equity home loan scheme; land tax and metropolitan improvement tax reforms, which will reduce pressure on rent; and $417 million over the next four years for increased investment in public and community housing and assistance for people trying to get into the rental market. Stamp duty exemption for first home buyers was the centrepiece of this year’s budget, and these figures show that the government’s strategy is working. Mr P.D. OMODEI : I take the opportunity on behalf of the member for Dawesville to acknowledge the students from Falcon Primary School in the public gallery today.
However, what the government is doing for first home buyers is only one of its measures to address the pressures that people are experiencing in the housing market. Other measures include the $300 million First Start shared equity home loan scheme; land tax and metropolitan improvement tax reforms, which will reduce pressure on rent; and $417 million over the next four years for increased investment in public and community housing and assistance for people trying to get into the rental market. Stamp duty exemption for first home buyers was the centrepiece of this year’s budget, and these figures show that the government’s strategy is working. Mr P.D. OMODEI : I take the opportunity on behalf of the member for Dawesville to acknowledge the students from Falcon Primary School in the public gallery today.
Mr P.D. OMODEI : I take the opportunity on behalf of the member for Dawesville to acknowledge the students from Falcon Primary School in the public gallery today.
Mr E.S. RIPPER replied: The latest figures for home buyer financial approvals show that first home buyers are indeed the big winners from the budget tax measures. To remind the house of what those measures are, the stamp duty exemption threshold was doubled from $250 000 to $500 000 for a home, and from $150 000 to $300 000 for vacant land. That means that the first home buyer purchasing a $500 000 property is now making a saving of $20 700. These are the most generous stamp duty exemptions for first home buyers in the nation, and first home buyers are responding. The latest bank figures show a dramatic increase in first home buyer activity, with the proportion of total financial approvals improving from 20 per cent to 24 per cent in the June quarter of 2007. There has also been a significant increase in first home owner grant applications since the release of the budget. Applications for the grant totalled 1 345 in May, 1 514 in June and 1 834 in July 2007. That is to be compared with the monthly average of 1 059 over the first 10 months of 2006-07, and the monthly average of 1 437 since the beginning of the first home owner grant. Since it was elected, the government has provided 107 000 first home owner grants, totalling more than $805 million. An opposition member: Who pays for that? Mr E.S. RIPPER : The taxpayers of Western Australia pay for that, my friend. The state government has also provided stamp duty exemptions or concessions to 32 500 first home buyers, totalling more than $170 million, since the introduction of the first home buyer stamp duty exemptions in 2004. That is getting close to a total of $1 billion in state government assistance for first home buyers since the government was elected in 2001. We doubled the stamp duty exemption thresholds at a time when housing market indicators suggested some moderation of activity in the housing market from the very strong levels experienced, particularly in 2006. That meant that there was less likelihood of the benefit being swallowed up by those selling houses and getting higher prices rather than going to the people who need it - first home buyers. However, what the government is doing for first home buyers is only one of its measures to address the pressures that people are experiencing in the housing market. Other measures include the $300 million First Start shared equity home loan scheme; land tax and metropolitan improvement tax reforms, which will reduce pressure on rent; and $417 million over the next four years for increased investment in public and community housing and assistance for people trying to get into the rental market. Stamp duty exemption for first home buyers was the centrepiece of this year’s budget, and these figures show that the government’s strategy is working. Mr P.D. OMODEI : I take the opportunity on behalf of the member for Dawesville to acknowledge the students from Falcon Primary School in the public gallery today.
The latest figures for home buyer financial approvals show that first home buyers are indeed the big winners from the budget tax measures. To remind the house of what those measures are, the stamp duty exemption threshold was doubled from $250 000 to $500 000 for a home, and from $150 000 to $300 000 for vacant land. That means that the first home buyer purchasing a $500 000 property is now making a saving of $20 700. These are the most generous stamp duty exemptions for first home buyers in the nation, and first home buyers are responding. The latest bank figures show a dramatic increase in first home buyer activity, with the proportion of total financial approvals improving from 20 per cent to 24 per cent in the June quarter of 2007. There has also been a significant increase in first home owner grant applications since the release of the budget. Applications for the grant totalled 1 345 in May, 1 514 in June and 1 834 in July 2007. That is to be compared with the monthly average of 1 059 over the first 10 months of 2006-07, and the monthly average of 1 437 since the beginning of the first home owner grant. Since it was elected, the government has provided 107 000 first home owner grants, totalling more than $805 million. An opposition member: Who pays for that? Mr E.S. RIPPER : The taxpayers of Western Australia pay for that, my friend. The state government has also provided stamp duty exemptions or concessions to 32 500 first home buyers, totalling more than $170 million, since the introduction of the first home buyer stamp duty exemptions in 2004. That is getting close to a total of $1 billion in state government assistance for first home buyers since the government was elected in 2001. We doubled the stamp duty exemption thresholds at a time when housing market indicators suggested some moderation of activity in the housing market from the very strong levels experienced, particularly in 2006. That meant that there was less likelihood of the benefit being swallowed up by those selling houses and getting higher prices rather than going to the people who need it - first home buyers. However, what the government is doing for first home buyers is only one of its measures to address the pressures that people are experiencing in the housing market. Other measures include the $300 million First Start shared equity home loan scheme; land tax and metropolitan improvement tax reforms, which will reduce pressure on rent; and $417 million over the next four years for increased investment in public and community housing and assistance for people trying to get into the rental market. Stamp duty exemption for first home buyers was the centrepiece of this year’s budget, and these figures show that the government’s strategy is working. Mr P.D. OMODEI : I take the opportunity on behalf of the member for Dawesville to acknowledge the students from Falcon Primary School in the public gallery today.
An opposition member: Who pays for that? Mr E.S. RIPPER : The taxpayers of Western Australia pay for that, my friend. The state government has also provided stamp duty exemptions or concessions to 32 500 first home buyers, totalling more than $170 million, since the introduction of the first home buyer stamp duty exemptions in 2004. That is getting close to a total of $1 billion in state government assistance for first home buyers since the government was elected in 2001. We doubled the stamp duty exemption thresholds at a time when housing market indicators suggested some moderation of activity in the housing market from the very strong levels experienced, particularly in 2006. That meant that there was less likelihood of the benefit being swallowed up by those selling houses and getting higher prices rather than going to the people who need it - first home buyers. However, what the government is doing for first home buyers is only one of its measures to address the pressures that people are experiencing in the housing market. Other measures include the $300 million First Start shared equity home loan scheme; land tax and metropolitan improvement tax reforms, which will reduce pressure on rent; and $417 million over the next four years for increased investment in public and community housing and assistance for people trying to get into the rental market. Stamp duty exemption for first home buyers was the centrepiece of this year’s budget, and these figures show that the government’s strategy is working. Mr P.D. OMODEI : I take the opportunity on behalf of the member for Dawesville to acknowledge the students from Falcon Primary School in the public gallery today.
Mr E.S. RIPPER : The taxpayers of Western Australia pay for that, my friend. The state government has also provided stamp duty exemptions or concessions to 32 500 first home buyers, totalling more than $170 million, since the introduction of the first home buyer stamp duty exemptions in 2004. That is getting close to a total of $1 billion in state government assistance for first home buyers since the government was elected in 2001. We doubled the stamp duty exemption thresholds at a time when housing market indicators suggested some moderation of activity in the housing market from the very strong levels experienced, particularly in 2006. That meant that there was less likelihood of the benefit being swallowed up by those selling houses and getting higher prices rather than going to the people who need it - first home buyers. However, what the government is doing for first home buyers is only one of its measures to address the pressures that people are experiencing in the housing market. Other measures include the $300 million First Start shared equity home loan scheme; land tax and metropolitan improvement tax reforms, which will reduce pressure on rent; and $417 million over the next four years for increased investment in public and community housing and assistance for people trying to get into the rental market. Stamp duty exemption for first home buyers was the centrepiece of this year’s budget, and these figures show that the government’s strategy is working. Mr P.D. OMODEI : I take the opportunity on behalf of the member for Dawesville to acknowledge the students from Falcon Primary School in the public gallery today.
However, what the government is doing for first home buyers is only one of its measures to address the pressures that people are experiencing in the housing market. Other measures include the $300 million First Start shared equity home loan scheme; land tax and metropolitan improvement tax reforms, which will reduce pressure on rent; and $417 million over the next four years for increased investment in public and community housing and assistance for people trying to get into the rental market. Stamp duty exemption for first home buyers was the centrepiece of this year’s budget, and these figures show that the government’s strategy is working. Mr P.D. OMODEI : I take the opportunity on behalf of the member for Dawesville to acknowledge the students from Falcon Primary School in the public gallery today.
Mr P.D. OMODEI : I take the opportunity on behalf of the member for Dawesville to acknowledge the students from Falcon Primary School in the public gallery today.
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