REIWA launches six-point plan to assist Western Australia's economy

The Real Estate Institute of Western Australia has announced a new six-point plan designed to help the state's economy.
The Real Estate Institute of Western Australia has announced a new six-point plan designed to help the state's economy.

The Real Estate Institute of Western Australia is confident that its latest initiative will assist Bunbury's short-term and long-term futures.

The organisation has unveiled a new six-point plan to help the economy and allow more people to enter into the property market.

REIWA wants the stamp duty exempt threshold for first home buyers to be increased to $550,000.

The institute also believes the $7,000 first home owner's grant, for the purchase of existing dwellings, should be re-introduced.

Encouraging appropriate 'right-sizing', the group is calling upon the State Government to introduce a $10,000 concession on stamp duty for residents over 65 years of age.

REIWA president Damian Collins said the plan provided recommendations designed to support the economy, first home buyers, and seniors.

"Housing prices, in Perth and across the state, have been steadily declining for a number of years now," he said.

"It is really important we have a property market that is healthy and will encourage more construction, investment, retail spending etc.

"Ultimately, we'd like to see stamp duty gone altogether and replaced with a different type of tax."

Bunbury Mayor Gary Brennan said the project would significantly benefit the CBD and the surrounding areas.

"I support anything that promotes investing/living in Bunbury," he said.

Mr Brennan and Bunbury MLA Don Punch have voiced their support for the region's residential and commercial sectors.

"We need people to have access to ongoing permanent employment opportunities. That means we need to support industry and small business," Mr Punch said.

"More jobs means more people are able to re-enter the housing market and increase demand for housing.

"We are doing this in the South West with a huge capital works program with over $2 billion of government and private investment flowing into the Greater Bunbury area alone over the next four years."