WA’s housing crisis hits first home buyers as parties debate stamp duty reform and support measures

First homebuyers have become a major election battleground, with the WA Nationals vowing to cover settlement fees and accusing the Cook Government of blocking access to assistance grants. The West Australian can reveal the number of first homebuyers accessing full stamp duty relief has halved since 2021-22, with only 4029 people exempt last financial year. Figures obtained in State Parliament show the number of people accessing the Home Buyers Assistance Account, which offers grants of up to $2000 to cover settlement and loan fees, has also plummeted. Opposition Leader Shane Love said the $400,000 cap is outdated given the surging median house price, which has reached $722,000. “With entry-level homes now priced well beyond this outdated cap, thousands of first homebuyers are missing out on critical and timely support,” he said. “Just four years ago, this scheme supported over 3000 first-homebuyers every year; under WA Labor, that number has dropped to just 1070. “The Cook Government has shamelessly pocketed $100 million in savings from initiatives designed to help struggling first homebuyers while failing to address the housing crisis.” The West understands the Nationals will announce on Monday plans to review or remove entirely the cap on the Home Buyers Assistance Account. Mr Love said the reduced number of first-time home buyers able to qualify for stamp duty relief was proof that his policy of abolishing stamp duty for first-time home buyers is affordable. The cost of current concessions has fallen from $148m in 2021-22 to $86m last financial year. “These figures reveal just how out of touch WA Labor is with the devastating reality first homebuyers are facing in this overheated housing market,” he said. However, Premier Roger Cook rejected claims that his Government has “abandoned” first homebuyers during a fiery final question time in State Parliament on Thursday. “There’s no other Government that has put more measures in place to support young and first-time homebuyers in getting a roof over their heads,” he said. When Mr Love asked if the Government lacked a plan to address the housing affordability crisis, Mr Cook hit back and said the total cost of Opposition housing policies was unclear. “I assume the member is referring to either his plan with regards to stamp duty, maybe he’s referring to the Liberal Party’s plan,” he said. “We don’t know, but because they are shambles, they can’t talk to each other. “He’s essentially referring to his own policy, or he’s potentially referring to the Liberal policy, or perhaps he was referring to that blancmange of misunderstanding, conflict and division that is the alliance partnership at the moment.” While the Nationals are campaigning on a policy to abolish stamp duty for first homebuyers, the Liberal Party’s policy would increase the current $450,000 threshold for exemptions to $550,000.