Western Australia is in the depths of an unprecedented housing supply shortage, compounded by a shrinking supply of affordable housing and the tightest rental market in a decade.

The result for Western Australian families is rising housing costs and limited choice or availability in the established housing market.

The 2021 Census revealed that more than half of WA homes have spare bedrooms, often left vacant after adult children have moved out.

This highlights a significant opportunity to better utilise existing housing stock by encouraging older Western Australians to downsize into more suitable, manageable accommodation.

Despite the clear benefits of downsizing, many older Western Australians are deterred by the financial and logistical hurdles involved, particularly high changeover costs such as stamp duty and transaction fees.

This discourages them from making a move that aligns with their lifestyle and benefits the broader housing market.

Unlocking this potential could provide larger, much-needed homes for families, and alleviate pressure on the market in the short-to-medium term.

The WA Liberals know older Western Australians want housing and financial flexibility.

Unlike the Cook Labor Government, which has presided over an eight-year decline in housing availability and affordability, we are committed to providing practical, commonsense solutions to these pressing issues.

With a Bankwest Curtin Economics Centre report indicating that fewer than a third of all WA homes are the right size for their occupants, more needs to be done to support those who will benefit from more accessible alternative housing options.

Only a WA Liberal Government will prioritise it.

The WA Liberals believe in reducing the financial barriers for Western Australians trying to access the housing market.

At a time when cost of living increases are putting financial pressure on a record number of WA families, easing the crisis in the housing sector needs to be a top priority for any government.

The WA Liberals will introduce a Downsizing Incentive Rebate, refunding up to $20,000 in transfer duty, paid by Western Australian individuals or couples where at least one person is over 60 years of age, on a home that represents a choice to downsize.

To be eligible, the value of the new home must not exceed $1.5 million, with no price limit on the original home sold.

The new home must be lived in for at least two years as the primary residence, and the new purchase must take place within one year of the sale of the previous primary residence, which must also have been lived in for at least two years.

The rebate will reduce the financial barriers for older Western Australians who wish to downsize out of the family home, freeing up larger homes for young families.

Under the scheme, an eligible person or couple downsizing to a $710,000 home would see effective duty paid reduced from $27,740 to $7,740.

An eligible person or couple downsizing to a two-bedroom unit at the current median price of $480,000 would now effectively pay no transfer duty at all.

Western Australians deserve a policy that works alongside our stamp duty reform to lower housing taxes, boost housing infrastructure and land availability, and create more housing opportunities for WA families.

Only the WA Liberal Party is committed to meaningfully addressing Western Australia’s housing crisis, setting WA up for generations to come.