Rebate

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<p>REIWA is warning against dropping the current 75 per cent rebate on off-the-plan purchases.</p>
<p>Stamp duty is one of the biggest barriers to home ownership so REIWA is asking all political parties to focus on ways to extend this initiative.</p>
<p>REIWA president, Damian Collins said REIWA supports the concept of relief for apartment buyers off-the-plan and believe it would be a step backwards to remove the rebate.</p>
<p>"Stamp duty relief for off-the-plan sales not only helps the government to meet its target of 47 per cent of new dwellings in infill locations, but it helps increase the speed of transition from apartment sales to actual construction activity," said Mr Collins.</p>
<p>“Rather than removing an initiative that is already in place to help people get into their home sooner, we should be looking at expanding this to include completed projects to help reduce current stock levels, and projects that are currently under construction.</p>
<p>“In addition, any relief provided for off-the-plan sales should be made permanent to give the development industry certainty when planning for future projects.</p>
<p>“REIWA asks all political parties to commit to stamp duty relief for off-the-plan purchases. There is a lot that can be done to help both the WA economy and the property market. Let’s focus on moving forward rather than backwards.”</p>
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j.ballantyne1990-6AQqhLzZaK

REIWA warns against dropping rebate on off-the-plan purchases

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<p>Mirvac is marketing a "Chinese New Year" rebate for buyers across its apartment towers in Sydney.</p>
<p>Buyers are being offered a public rebate of up to $18,888 on selected apartment purchases at five of Mirvac's projects in Sydney, The Finery, Marrick and Co, Green Square, St Leonards Square and <a href="https://pavilions.mirvac.com/chinese-new-year" target="_blank">Pavilions in the Sydney Olympic Park</a>.</p>
<p data-gtm-vis-first-on-screen-7770372_137="4497" data-gtm-vis-total-visible-time-7770372_137="2200">The rebate is an amount paid back to the buyer on settlement.</p>
<p data-gtm-vis-first-on-screen-7770372_137="4497" data-gtm-vis-total-visible-time-7770372_137="2200">Mirvac says it regularly offered rebates over the Chinese New Year period as an annual practice.</p>
<p data-gtm-vis-first-on-screen-7770372_137="4497" data-gtm-vis-total-visible-time-7770372_137="2200">The new lunar year started today.</p>
<p>"Mirvac has had a long standing relationship with the local Chinese community.</p>
<p>"Over the last several years we have acknowledged and celebrated lunar new year with a special offer on selected properties for a fixed period of time," a spokeswoman told Nine Entertainment.</p>
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<p data-gtm-vis-first-on-screen-7770372_137="11631" data-gtm-vis-total-visible-time-7770372_137="900">Sydney unit prices have <a href="https://www.urban.com.au/news/93718-sydney-house-prices-were-down-10-percent-in-2018" target="_blank">fallen nearly seven per cent last year</a>.</p>
<p>For Mirvac, the $18,888 rebate applies to the purchase of selected three-bedroom apartments, while a rebate of $15,888 applies to a 2-bedroom apartment purchase and $10,888 is redeemable on a one-bedroom or studio apartment.</p>
<p>Buyers must make a 10 per cent deposit.</p>
<p>The promotion only applies to sales during February 1-28 except to Finer lots 59, 114, 188, 193 and 212.</p>
<p>Prices for available apartments across the developments range from:</p>
<p>a. Finery: $695,000 - $1.78 million</p>
<p>b. Marrick and Co: $699,000 - $1.895 million</p>
<p>c. Green Square: $795,000 - $940,000</p>
<p>d. St Leonards Square: $715,000 - $4.625 million</p>
<p>e. Pavilions: $699,000 - $1.65 million</p>
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