Apartment and unit buyers will get a rebate worth up to $50,000 on eligible properties under a two-year scheme announced by the State Government today.

It comes after The West Australian revealed industry lobby groups joined forces to demand the State Government offer stimulus for the struggling sector.

The rebate, revealed by Premier Mark McGowan this morning, will be available for two years to any purchaser who signs a pre-construction contract to purchase a new residential unit or apartment in a multi-tiered development.

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

Premier Mark McGowan said the initiative would drive investment into the residential construction industry and support the property sector.

“This is one of those great developments that creates jobs, creates life and activity and ensures people can live in proximity to work or social opportunities,” Mr McGowan said.

“This is exactly what Western Australia needs, it’s exactly what Perth needs, it’s what our regional cities need.

“It’s limited to two years and then we’ll see how it’s tracking. It’s designed to get development happening in WA right now.”

Camera Icon Last Thursday’s exclusive report.

Property Council WA executive director Sandra Brewer said it evened the playing field between houses and apartments.

“What this policy really does is balance land development for house and land packages with apartments that are sold off the plan,” Ms Brewer said.

“Up until now if someone was to buy a house and land package the stamp duty would only be applied to the land.

“It just levels the playing field between house and land packages perhaps on the outskirts of Perth to what people can buy in inner city areas or beach or river locations.”

Treasurer Ben Wyatt signalled it was unlikely the Government would tinker with the foreign buyers surcharge because of the policy change which captured overseas investors.

“The rebate captures not just the stamp duty but the foreign buyers issue as well,” he said.

“We understand that in terms of these larger complexes … often a percentage of foreign buyers is larger than the broader housing sector, that’s why we’ve made this decision around what is a decisive policy.”

Mr Wyatt said the policy would take about $30 million out of the Budget over the forward estimates subject to the real demand.

Planning Minister Rita Saffioti said it would also promote urban infill in residential developments in close proximity to Metronet stations.

The stamp duty change means first-homebuyers purchasing a $500,000 property would pay $3358 in duty, instead of the current $13,433.

Other buyers purchasing a property of the same value would pay $4441 under the new scheme, instead of the current charges of $17,765.

The top saving would accompany a $1.5 million property, which would incur a duty of $18,365 under the new scheme, saving $50,000 on the current $68,365.

The initiative has also been welcomed by the Urban Development Institute, the Real Estate Institute of WA and the Master Builders Association.

Property industry players met senior McGowan Government ministers last week to plead their case for a sweeping stimulus package aimed at breathing life into the WA’s stagnant housing market.

Perth property prices have fallen 20 per cent since peaking in mid-2014 and as many as one in three homeowners is experiencing mortgage stress.