There was a great deal of noise around the changes to National property taxes, negative gearing and capital gains tax. With this new win from the Government, there will be no changes to any of these areas. This will keep the property market stable and with boosting the housing markets in West Australia.
As it was reported last week there is a plan for a First Home Buyers Scheme that will help all Australians achieve their property dreams with just a 5% deposit. This initiative by the government will also help to increase the property market that has seen a slight downturn in the previous weeks.
There will be an injection of $500 million from the government that will open up doors for 10,000 first home buyers. This change will reduce the time frame people need to save for a deposit and also help increase competition within the bank.
Realmark Group Managing Director, John Percudani has said: “The new scheme is a great initiative and particularly relevant in the current market. It will not only be good for buyers but also good for the economy in general. ”
Some other benefits will be the tax relief for anyone earning between $48,000 to $90,000 that will receive a $1080 cash injection and those earning up to $126,000 will receive a slightly lower refund at tax time.
Keep posted for more news on the Perth property market as we will be keeping you updated with any new developments.