$1.1 billion of Western Australian Government funding will be allocated towards social and affordable housing, boosting housing supply across the west.
Over a third of the funding will be injected into the Social and Affordable Housing Investment Fund, which will look to boost the amount of social homes in the next few years to just under 5,000. $92.2 million has been allocated towards 120 homelessness services across the state, while $34.8 million will unlock regional development-ready land in the likes of Broome, Karratha and Kalgoorlie.
WA Treasurer Rita Saffioti says the government is intent on exploring “every measure to boost and invest in housing supply and affordability”.
"We're addressing housing supply from all angles, increasing support for first homebuyers by lifting stamp duty exemptions and concession thresholds, incentives to bring vacant homes back onto the long-term rental market, as well as significant funding for social and affordable housing and homelessness providers,” she says.
In addition, $84 million will be spent on boosting the residential construction workforce, with incentives to be made for construction apprentices to complete their trades through milestone payments and tool allowances, grants and subsidies to employers.
A continued rental freeze for government workers in regional WA will continue, while there will be a $5,000 incentive available to owners of vacant rental properties to put them on the market, therefore alleviating stress on the state’s rental market. The stamp duty exemption and concessions threshold will also be lifted to $450,000 and $600,000 for first homebuyers.
Housing Minister John Carey has given an update on the amount of social homes his government has already provided to the state, while underlining the need to continue to provide housing for the vulnerable.
"This Government remains acutely aware of the housing pressures felt across the country, including in Western Australia. The Cook Government in this Budget has increased its record new housing and homelessness commitments to $3.2 billion and will now deliver nearly 5,000 additional social homes,” he says.
"The Cook Labor Government has already added more than 2,100 social homes with a further 1,000 currently under contract or construction, in line with our commitments made under the previous record investments.
"The 2024-25 State Budget delivers more than $1 billion in support of housing, land and homelessness measures and the revamped Social and Affordable Housing Investment Fund will provide more housing options - particularly for those most vulnerable in our community."
Image: Hassell’s future BTR development in Perth, funded by DevelopmentWA.
