A stamp duty rebate has been introduced in Western Australia to help stimulate the residential property and construction sectors.

For the next two years, homebuyers who sign pre-construction contracts to purchase a new unit or apartment in a multi-tiered development can receive a 75 per cent transfer duty rebate of up to $50,000.

There will be no cap on the purchase price and multiple rebates will be available to the same applicant for additional purchases.

The scheme is estimated to cost the state budget $29 million.

Source: AAP