SYDNEY, May 10 (Xinhua) -- A surcharge on foreign purchases of homes in Western Australia will be raised from 4 to 7 percent, in line with the state's latest budget rollout, authorities said on Thursday.

The surcharge applies to "all purchases of residential property by foreign individuals and entities" from Jan 1, 2019, according to a government statement.

The move, estimated to raise 123 million Australian dollars in revenue over the period of 2018-19 to 2021-22 puts Western Australia "on par" with New South Wales, Victoria, South Australia and Queensland states "for all foreign ownership of residential property."

"Importantly, this decision increases a surcharge that will only apply to foreign investors. Western Australian households and businesses will not pay the surcharge," the state's Treasurer Ben Wyatt said.