REIWA Slams Proposition for $270 Levy On WA Investors
Western Australian owners of investment homes could soon be hit with a $270 annual tax on their properties as a means of budget correction for the state government.
The Real Estate Institute of Western Australia has labelled the attempted revenue raiser “short-sighted” and “irresponsible”.
REIWA Councillor Susanne Brown highlighted her disappointment with the suggested levy stating that it would only further damage the property investment market in this current weak economy. The tax would further increase the cost of owning rental property which would affect the provision of rental accommodation.
Opposition Leader Mike Nahan also asserted the levy would impact some of the lowest income people in the state with investors passing the additional costs onto renters.
With housing affordability already an issue nation-wide, lobbyists will continue to push against anything contributing to rising rental fees.
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Perth June Rental Property Data Snapshot
Overall median rent in Perth sits at $350 a week with median house rent at $370 a week and median unit rent at $340 a week. The vacancy rate for April 2017 was 6.9%. Last week’s vacancy was reported at 7.1% – reiwa.com.au