The scheme is part of a slew of changes introduced by the Cook government to boost housing supply and regulate the growing short-term rental market.
Premier Roger Cook said short-term rentals had made some local neighbourhoods and communities less desirable places for people to live.
"They (also) have an impact upon the availability of long-term rental accommodation," he told reporters on Thursday.
"So it's important that we bring this back into balance."
Mr Cook said the new rules struck a balance between the rights of people who wanted to be able to put their properties on the short-term rental accommodation market and the needs of the broader community, including the tourism and hotel industry and local government areas.
Under the regulations, all short-term rental accommodation providers are required to register their properties before being able to advertise and take bookings, including from online platforms such as Airbnb and Stayz.
Planning requirements in the Perth metropolitan area will also be changed, with local government approval required for un-hosted short-term rental accommodation that operates for more than 90 nights in 12 months.
Local governments in regional areas will determine when planning approval is required.
In the Perth metropolitan area, un-hosted short-term rental property owners are exempt from having to obtain development approval if the property is rented for less than 90 nights in 12 months.
WA has introduced a slew of measures to boost housing supply and regulate short-term rentals.
Registrations are expected to open in mid-2024, with all short-term rental properties to be registered by January 1, 2025.
To qualify for the $10,000 payment, property owners need to have an entire property for rent on short-stay booking platforms such as Airbnb or Stayz within the past six weeks.
Applicants will also be required to provide a minimum 12-month lease agreement to new, long-term tenants.
A maximum rent chargeable by location will apply to protect those tenants and ensure the new homes are affordable.
This includes a maximum rent of $800 per week in Perth and $650 in the state's southwest.
"We are also doing everything we can to get more housing and rental properties onto the market quickly to help meet current demand," Mr Cook said.
Victoria introduced a statewide 7.5 per cent consumer levy on short-term accommodation bookings with platforms such as Airbnb and Stayz in September.
NSW requires most short-term accommodation hosts to register their properties, with a 180-day annual cap for un-hosted short-term accommodation in the Greater Sydney region and some regional areas.
The popular coastal holiday town of Byron Bay will introduce a 60-day annual cap on short-term rentals in September 2024.
Queensland completed a short-term accommodation review in August and is considering creating a register of Airbnb, Stayz and short-term rentals.
