Exciting news for aspiring first home buyers in Western Australia! The changes to stamp duty thresholds, announced by the Cook Government back in March, are now officially in effect. This is a welcome development that could make stepping onto the property ladder a bit easier for many.

Let’s break down what these changes mean for you.

What’s New for First Home Buyers?

The updated thresholds mean potential savings on stamp duty, which can be a significant upfront cost when purchasing your first home.

Buying a Home:

• No Stamp Duty: You’ll now pay no stamp duty on homes valued up to $500,000. This is an increase from the previous $450,000 threshold.
• Concessional Rates (Metropolitan & Peel Regions): If your first home is valued between $500,000 and $700,000 (up from $600,000), you’ll pay a concessional stamp duty rate. This is calculated at $13.63 for every $100 (or part thereof) over $500,000.
• Concessional Rates (Outside Metropolitan & Peel Regions): For those buying outside the Metro or Peel areas, if the home is valued between $500,000 and $750,000 (up from $600,000), the concessional duty is $11.90 for every $100 (or part thereof) over $500,000.

Buying Vacant Land:

There are also positive changes if you’re looking to buy land to build your first home:

• No Stamp Duty: You’ll pay no stamp duty on vacant land valued up to $350,000 (previously $300,000).
• Concessional Rates: If the land value is between $350,000 and $450,000, duty is payable at a rate of $15.39 for every $100 (or part thereof) over $350,000.

RevenueWA has updated its systems to reflect these new rates, and you can also find updated calculators, including REIWA’s stamp duty calculator, online.

Purchased Recently? You Might Be Eligible for a Refund!

If you’re a first home buyer who purchased a property between 21 March 2025 (when the changes were first announced) and the date the new rates officially went live, and your settlement occurred before the new rates were implemented, you may still be eligible for these concessions. You will likely need to apply for a refund of the duty you’ve already paid. We recommend checking with RevenueWA for the specific process.

A Welcome Change for the Market

REIWA has been a strong advocate for increasing these stamp duty thresholds to better align with current property prices, and we at Holdsworth Real Estate welcome these changes. They represent a positive step towards helping more West Australians achieve their dream of homeownership. REIWA continues to suggest that these thresholds be pegged to the median house price to ensure they remain relevant as the market evolves.

How Holdsworth Real Estate Can Help

Navigating the property market, especially as a first home buyer, can be complex. Understanding how these new stamp duty changes apply to your specific situation is crucial. The team at Holdsworth Real Estate is here to provide expert guidance, help you find the perfect first home or block of land, and support you through every step of the buying process.

Ready to explore your options? Get in touch with Holdsworth Real Estate today!

Disclaimer: This information is general in nature and based on announcements regarding stamp duty changes in Western Australia as of May 2025. Buyers should always seek independent financial and legal advice tailored to their individual circumstances. Refer to RevenueWA for the most current and detailed information.