The Nationals WA have slammed the Cook Labor Government for abandoning first home buyers during a housing and cost-of-living crisis, as new figures reveal a collapse in financial support for new homeowners.
Leader Shane Love MLA highlighted the number of first home buyers receiving full stamp duty exemptions had plummeted by more than half – from 8,699 in 2021-22 to just over 4,000 in the last financial year.
“At a time when the housing crisis is dominating the lives of so many West Australians, it’s indefensible that the Cook Labor Government has let first home buyers fall through the cracks,” Mr Love said.
“Housing affordability is one of the most pressing issues ahead of the 2025 State election, particularly for young people who are being priced out of the market and being pushed to breaking point by the cost-of-living crisis.
“These figures reveal just how out of touch WA Labor is with the devastating reality first home buyers are facing in this overheated housing market.”
While Perth’s median house price currently sits at $722,000, stamp duty exemptions for first home buyers are capped at properties valued up to $450,000 – a threshold that has not kept pace the soaring cost of housing.
Mr Love also lashed Labor for neglecting the Home Buyers Assistance Account, which offers $2,000 grants to help cover settlement and loan establishment fees.
“Just four years ago, this scheme was supporting over 3,000 first home buyers every year. Under WA Labor, that number has dropped to just 1,070,” Mr Love said.
“Even more alarmingly, the threshold for accessing this grant remains stuck at $400,000, a figure that hasn’t been reviewed or adjusted in Labor’s eight years in government.
“With entry-level homes now priced well beyond this outdated cap, thousands of first home buyers are missing out on critical and timely support.
“These are two practical measures where the Government is cutting costs rather than using their significant surplus to help young West Australians who are struggling to afford their first homes.
Mr Love accused the Government of profiteering off the housing crisis, revealing that WA Treasury had raked in over $100 million in the past two years by failing to maintain support for first home buyers at previous levels.
“The Cook Government has shamelessly pocketed $100 million in savings from initiatives designed to help struggling first home buyers while failing to address the housing crisis,” Mr Love said.
Mr Love called on the Cook Labor Government to immediately return the savings to initiatives that will support first home buyers, such as stamp duty relief.
“The Nationals WA are the only Party with a real solution with our commitment to abolish stamp duty for first home buyers, a move that would help over 5,000 first home buyers each year.
