Property investment jumps 46.5 per cent.
Investors in Western Australia's property market secured finance worth $698million in the three months to January 2006 - an increase of 46.5 per cent on the same period 12 months ago.
Treasurer Eric Ripper today said the new housing finance data from the ABS highlighted continued investor demand for new and established dwellings.
"People are keen to buy new homes and investment properties because they know the future of the State's economy is in good hands," Mr Ripper said.
The total value of housing finance approvals (including for both owner occupiers and investors) increased by 36.4 per cent in the three months to January - the highest increase of any Australian State - to be worth $1.9billion. Nationally, the increase was a much lower eight per cent.
The value of finance for owner-occupiers (excluding refinancing) was up 31.3 per cent over the same period.
Mr Ripper said the State Government was assisting new entrants into the housing market, and encouraging growth, by cutting stamp duty for first homebuyers and paying the $7,000 First Home Owner Grant.
"We are also encouraging property investment by cutting land tax by $325million over four years," he said.
"The Government has increased the land tax exemption threshold by $30,000 to $130,000, freeing about 20 per cent of land taxpayers from paying any land tax in 2005-06.
"In addition, the second tier threshold will be increased by $70,000 to $290,000 and the third tier threshold will be raised by $180,000 to $750,000. The middle marginal tax rate will be cut from 1.76 per cent to 1.62 per cent.
"These adjustments help reduce bracket creep, especially in the middle thresholds."
Investors in Western Australia's property market secured finance worth $698million in the three months to January 2006 - an increase of 46.5 per cent on the same period 12 months ago.
Treasurer Eric Ripper today said the new housing finance data from the ABS highlighted continued investor demand for new and established dwellings.
"People are keen to buy new homes and investment properties because they know the future of the State's economy is in good hands," Mr Ripper said.
The total value of housing finance approvals (including for both owner occupiers and investors) increased by 36.4 per cent in the three months to January - the highest increase of any Australian State - to be worth $1.9billion. Nationally, the increase was a much lower eight per cent.
The value of finance for owner-occupiers (excluding refinancing) was up 31.3 per cent over the same period.
Mr Ripper said the State Government was assisting new entrants into the housing market, and encouraging growth, by cutting stamp duty for first homebuyers and paying the $7,000 First Home Owner Grant.
"We are also encouraging property investment by cutting land tax by $325million over four years," he said.
"The Government has increased the land tax exemption threshold by $30,000 to $130,000, freeing about 20 per cent of land taxpayers from paying any land tax in 2005-06.
"In addition, the second tier threshold will be increased by $70,000 to $290,000 and the third tier threshold will be raised by $180,000 to $750,000. The middle marginal tax rate will be cut from 1.76 per cent to 1.62 per cent.
"These adjustments help reduce bracket creep, especially in the middle thresholds."
