A re-elected Liberal Government will make housing for seniors more affordable.
Premier Colin Barnett said the centrepiece of the reform package was a seniors stamp duty concession of up to $15,000 for new and established homes up to the value of $750,000, saving money for more than 4000 seniors aged over 65 years.
Under the plan, eligible seniors would pay no stamp duty on property worth up to $440,000 and the tax would be roughly halved on a property valued at $750,000.
There would also be a duty concession of up to $10,000 for a vacant lot, valued at up to $400,000.
The plan complements the First Home Owner Grant Scheme and changes to Keystart announced earlier this year by stimulating the provision of more housing.
“This concession is designed to provide maximum flexibility and support to seniors pursuing their downsizing options,” Mr Barnett said. “I think it is important to support seniors in choosing housing that better suits their needs.”
The initiative will also include a requirement for the eligible senior to sell their existing home.
As part of a broader package of reform to age-friendly housing, a Liberal Government would also;
- Double the budget for the Seniors Housing Advisory Centre (SHAC) to deliver a significantly enhanced one-stop-shop for those wanting independent, expert and free advice on housing options;
- Transfer the Advisory Centre from Department of Commerce to the Department of Local Government and Communities, creating a direct line of reporting to the Minister for Seniors;
- Open the opportunity for local community groups such as sports clubs, church groups and multicultural groups located on Crown land, to submit proposals to develop surplus land for age-friendly accommodation;
21 February 2017
- The concession would be introduced for two years from the start of 2018
- Demand for age-friendly accommodation is forecast to grow substantially over the next few years
- Age-friendly accommodation options range from downsizing to a more suited privately owned home, retirement village, strata unit or park home.
- Nearly 70 per cent of existing retirement villages have waiting lists.
- More than three quarters of homes currently listed for sale are three or more bedrooms, limiting the options for those wishing to downsize.