❓ Ms. Mettam asks about residential property transaction numbers and transfer duty revenue for 2022-23 and 2023-24, broken down by price brackets, including first home buyer concessions. The answer provides the requested data.
AnsweredQoN 1244Legislative Assembly
QuestionView source ↗
I refer to transfer duty revenue from residential property
transactions, and I ask: (a) how
many residential property transactions occurred in the 2023-24 financial year,
per each of the following property price levels: (i) under
$450,000; (ii) $450,000
to $499,999; (iii) $500,000
to $549,999; (iv) $550,000
to $599,999; (v) $600,000
to $649,999; (vi) $650,000
to $699,999; (vii) $700,000
to $749,999; (viii) $750,000 to $799,999; (ix) $800,000
to $849,999; (x) $850,000
to $899,999; (xi) $900,000
to $949,999; (xii) $950,000
to $999,999; and (xiii) $1,000,000
and over; (b) how
many residential property transactions occurred in the 2022-23 financial year,
per each of the property price levels identified in (a); (c) for
each of the property price levels listed in (a), how much transfer duty was
collected in the 2023-24 financial year; (d) for
each of the property price levels listen in (a), how much transfer duty was
collected in the 2022-23 financial year; (e) for
each of the property price levels listed in (a), how much in transfer duty was
discounted as a concession for first home buyers in the 2023-24 financial year: (i) in
reference to (e), for how many transactions; and (ii) in
reference to (e), at what total value; and (f) for
each of the property price levels listed in (a), how much in transfer duty was
discounted as a concession for first home buyers in the 2022-23 financial year: (i) in
reference to (f), for how many transactions; and (ii) in
reference to (f), at what total value?
transactions, and I ask: (a) how
many residential property transactions occurred in the 2023-24 financial year,
per each of the following property price levels: (i) under
$450,000; (ii) $450,000
to $499,999; (iii) $500,000
to $549,999; (iv) $550,000
to $599,999; (v) $600,000
to $649,999; (vi) $650,000
to $699,999; (vii) $700,000
to $749,999; (viii) $750,000 to $799,999; (ix) $800,000
to $849,999; (x) $850,000
to $899,999; (xi) $900,000
to $949,999; (xii) $950,000
to $999,999; and (xiii) $1,000,000
and over; (b) how
many residential property transactions occurred in the 2022-23 financial year,
per each of the property price levels identified in (a); (c) for
each of the property price levels listed in (a), how much transfer duty was
collected in the 2023-24 financial year; (d) for
each of the property price levels listen in (a), how much transfer duty was
collected in the 2022-23 financial year; (e) for
each of the property price levels listed in (a), how much in transfer duty was
discounted as a concession for first home buyers in the 2023-24 financial year: (i) in
reference to (e), for how many transactions; and (ii) in
reference to (e), at what total value; and (f) for
each of the property price levels listed in (a), how much in transfer duty was
discounted as a concession for first home buyers in the 2022-23 financial year: (i) in
reference to (f), for how many transactions; and (ii) in
reference to (f), at what total value?
AnswerView source ↗
Answered
12 September 2024
Responded by
Parliamentary Secretary to the Minister for Finance
Response time
7 days
Answer
(a) to (d)
Number of residential property transactions
Transfer duty assessed ($)
(a)
(b)
(c)
(d)
i.
42,818
41,772
252,710,260
231,907,906
ii.
6,135
7,162
86,045,362
99,375,461
iii.
6,089
5,607
110,549,164
102,607,139
iv.
6,063
4,888
127,046,487
102,733,794
v.
5,732
3,818
133,667,455
89,207,182
vi.
5,116
3,385
131,186,557
86,845,752
vii.
3,915
2,561
109,938,726
71,781,444
viii.
3,166
2,061
96,907,829
63,104,994
ix.
2,594
1,846
85,976,391
61,284,559
x.
2,258
1,497
80,430,593
53,675,827
xi.
1,685
1,154
64,582,916
44,178,575
xii.
1,397
983
56,933,566
40,244,695
xiii.
10,746
7,495
847,326,437
587,723,436
The data reports on the land use declared by the party lodging a transaction for assessment and includes improved and vacant residential land. It also includes transactions comprising residential property and other dutiable property as RevenueWA does not hold data to determine the allocation of value between residential property and other dutiable property for individual transactions.
The data excludes transactions that qualified for a full exemption from duty. The data includes transactions that qualified for a full concession under the first home owner concessional rate of duty.
(e) and (f)
First home owner concessional rate of duty
(e)
(f)
(i)
(ii)
(i)
(ii)
i.
6,852
62,847,781
9,564
91,517,067
ii.
1,465
13,175,608
2,058
17,648,795
iii.
877
3,134,309
836
2,184,658
iv.
106
325,898
0
0
The data reports on the land use declared by the party lodging a transaction for assessment and includes improved and vacant residential land.
For eligible purchases of vacant residential land, no duty is payable if the dutiable value does not exceed $300,000. The concession reduces as the value increases above $300,000. The first home owner rate does not apply to purchases of vacant land with an unencumbered value greater than $400,000.
For eligible purchases of residential land with a home, from 9 May 2024 no duty is payable if the dutiable value does not exceed $450,000. The concession reduces as the value increases above $450,000. The first home owner rate does not apply to purchases of homes with an unencumbered value greater than $600,000. Before 9 May 2024, the value below which no duty was payable was $430,000 and the maximum value was $530,000.
(a) to (d)
Number of residential property transactions
Transfer duty assessed ($)
(a)
(b)
(c)
(d)
i.
42,818
41,772
252,710,260
231,907,906
ii.
6,135
7,162
86,045,362
99,375,461
iii.
6,089
5,607
110,549,164
102,607,139
iv.
6,063
4,888
127,046,487
102,733,794
v.
5,732
3,818
133,667,455
89,207,182
vi.
5,116
3,385
131,186,557
86,845,752
vii.
3,915
2,561
109,938,726
71,781,444
viii.
3,166
2,061
96,907,829
63,104,994
ix.
2,594
1,846
85,976,391
61,284,559
x.
2,258
1,497
80,430,593
53,675,827
xi.
1,685
1,154
64,582,916
44,178,575
xii.
1,397
983
56,933,566
40,244,695
xiii.
10,746
7,495
847,326,437
587,723,436
The data reports on the land use declared by the party lodging a transaction for assessment and includes improved and vacant residential land. It also includes transactions comprising residential property and other dutiable property as RevenueWA does not hold data to determine the allocation of value between residential property and other dutiable property for individual transactions.
The data excludes transactions that qualified for a full exemption from duty. The data includes transactions that qualified for a full concession under the first home owner concessional rate of duty.
(e) and (f)
First home owner concessional rate of duty
(e)
(f)
(i)
(ii)
(i)
(ii)
i.
6,852
62,847,781
9,564
91,517,067
ii.
1,465
13,175,608
2,058
17,648,795
iii.
877
3,134,309
836
2,184,658
iv.
106
325,898
0
0
The data reports on the land use declared by the party lodging a transaction for assessment and includes improved and vacant residential land.
For eligible purchases of vacant residential land, no duty is payable if the dutiable value does not exceed $300,000. The concession reduces as the value increases above $300,000. The first home owner rate does not apply to purchases of vacant land with an unencumbered value greater than $400,000.
For eligible purchases of residential land with a home, from 9 May 2024 no duty is payable if the dutiable value does not exceed $450,000. The concession reduces as the value increases above $450,000. The first home owner rate does not apply to purchases of homes with an unencumbered value greater than $600,000. Before 9 May 2024, the value below which no duty was payable was $430,000 and the maximum value was $530,000.
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