THE WEEKEND WEST WEST REAL ESTATE JUNE 16-17, 2012 • 15

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Debra Goostrey UDIA WA

Stamp duty for off-the-plan Adelaideapartments has been axed in the SouthAustralian budget in a move which could savebuyers more than $21,000.

The concession was designed to encouragemore residential development in the heart ofthe city and will give a full concession foroff-the-plan apartments up to $500,000 forthe next two financial years.

For two years after June 1, 2014, there willbe partial concessions up to $15,500 forapartments up to $500,000.

In a quirk of history, apartments in WA stillattract both GST and stamp duty. House andland packages, when undertaken as twoseparate transactions, are taxed separatelywith the house attracting GST and the landbeing subject to stamp duty.

On a $350,000 transaction it means thatyou can pay over $7000 more in tax if youbuy an apartment rather than build a house.

When the vast majority of construction wasfor single detached housing, this was not amajor issue, however we are seeing astructural change in the market with muchmore medium and high-density development.

This taxation arrangement is now in conflictwith other government policies seeking toincrease densities. Now South Australia hasjoined other States in axing the doubletaxation leaving WA at a competitivedisadvantage.

WA has the lowest proportion of investmenthousing finance of all the States.

For every dollar of lending financecommitted for purchasing residentialdwellings, 36.4c is for the purchase ofdwellings for rent or resale, rather thanowner-occupation.

In Victoria, this figure is 43.5c and NSW it is42.3c. Even South Australian investment isproportionally higher at 39.3c in the dollar.

Foreign investment in WA real estate is alsoconsiderably less than most other States.

According to the Foreign Investment ReviewBoard’s latest annual report, WA attracted just5.4 per cent of all proposed foreign investmentin new residential properties in 2010/11, just$920 million of the $17.15 billon national total.

Victoria was the largest recipient with nearly$8 billion of foreign funds, followed by NewSouth Wales with $4.2 billion and Queenslandwith $2.2 billion.

The UK was the largest source of foreignreal estate investment, followed by China andthe United States.

The taxation regime is not totally to blamefor the investmentunderperformance inthis State. But with ourrental vacancy rate nowless than 2 per cent, wemay need to make bolddecisions to keep pacewith other States.

Bold moves neededto attract investors

LAN

D

WestRealEstate.com.au

Buyers have been quick to respond tothe release of Stage 4 home sites inthe Treetops precinct at TuartRidge Estate, Baldivis.

Developer Amex Corporation hasreleased 49 elevated lots in Stage 4, rangingfrom 523-683sqm and priced from $190,000 to$234,000.

Buyers have snapped up 17 lots in thenew release and a number of others are onhold.

Estate manager Phil Barnard said thenew lots were within a few minutes’ walk ofcurrent and planned parks.

“The blocks are designed with families inmind and are particularly suited to thosewho appreciate indoor and outdoor living,”Mr Barnard said.

“The trend in Baldivis is thathomebuyers are seeking larger-sized blocks— upwards of 600sqm — as they have roomfor backyard space and a pool for a growingfamily.”

Amex State manager Peter Tesoriero saidthe developer was working closely withsome of Perth’s leading builders to ensureTuart Ridge could accommodate a range ofhome types and meet buyers’ requirementsfor appropriate lot sizes.

“About 230 homes have been built or arenearing completion and we now have morethan 900 people living in the estate,” MrTesoriero said.

“Tuart Ridge is developing into athriving neighbourhood and we continue tobe in awe of the wonderful communityspirit at the estate.

“We have had a great response so far tothe release of Stage 4.”

The masterplanned estate, which is beingdeveloped on 61ha of elevated land off

Baldivis Road, has a range of facilities,including walk and cycle paths in extensiveparklands, water features, playgrounds,picnic facilities, an amphitheatre andfloodlit tennis courts. Tuart Ridge will haveabout 635 lots when complete, with finalsales anticipated in 2015.

“Baldivis offers convenient access to localand regional retail, commercial, educationand health-care facilities, and thepicturesque waterfront cafe and restaurantprecinct at Rockingham is just 10 minutesaway,” Mr Barnard said.

Prices for all home sites includefibre-optic cable and six months’ freebroadband, front yard landscaping,

boundary fencing and a solar water heaterrebate.

“The 49 traditional home sites in Stage 4include some with views to the DarlingScarp and will be particularly appealing tosecond or third-homebuyers.”

The Tuart Ridge land sales office, at 1Makybe Drive, is open weekends from1-5pm and Mondays and Wednesdays from2-5pm. A display village at the estateshowcases two-storey designs by a numberof leading WA builders.......................................................................................................■ More information about remaining Stage 4 lots

is available from estate manager Phil Barnard,on 9368 9078.

Tuart Ridge meets needfor larger building blocks■ Maureen Eppen

Tuart Ridge has a range of facilities including walking and cycle paths in extensive parklands.