The REIWA's submission for the state's annual budget process contains policy ideas aimed at encouraging local home-buyer activity.
The Real Estate Institute of Western Australia has put forward its recommendations for the state government to encourage buyer activity in the local property market next financial year.
The REIWA has warned the Treasurer against increasing the costs of buying property.
"The property market provides a regular, albeit fickle, source of income for the state through property taxes but that's by no means a reason to further increase the costs involved in buying property to make up any shortfall," said REIWA President Hayden Groves.
"Increasing the costs, especially for first home buyers, will deter West Australians from entering the market", he said.
"With the First Home Owner Grant already abolished on established homes, it's important that the existing transfer duty exemption for first home buyers remains to encourage this sector of the market."
The REIWA's submission also recommends the government introduce rebates on transfer duty for seniors to encourage downsizing.
"By making it more appealing to downsize, the market would be in a better position in terms of offering the right mix of housing options to meet the changing needs of the community," said Groves.
The complete list of REIWA’s recommendations for the State Budget are:
* No increase to transfer duty or thresholds
* Maintain the existing transfer duty exemption for first home buyers at $430,000
* Rebates on transfer duty for seniors to encourage appropriate downsizing
* Transfer duty relief for off-the-plan developments and house and land projects
* No changes to rates or thresholds for land tax
* Remove land tax aggregation rules
* State tax review.