Stamp duty has tripled in some Australian cities

Stamp duty has tripled in some Aussie cities since 2004.

Analysis by Domain shows some are paying more than three times as much stamp duty than 15 years ago.

At the same time the increase in other transactional costs, from conveyancing to real estate agency fees, have typically increasing by the rate of inflation.

But, according to Domain, stamp duty for a median-priced house has increased nearly 190 per cent in some cities since 2004 while average earnings across the country have risen only 21 per cent.

Source Domain, Australian Financial Review

Of course stamp duty is a State Based tax which has added considerably to the cost of a dwelling while at the same time lining government coffers.

But with the recent property downturn Victoria and NSW have both been hit by dramatic falls in stamp duty earnings, blowing a $5.2 billion hole in Victoria’s budget and NSW revising down their revenue expected from stamp duty after it fell by 11 per cent last year.

from Property UpdateProperty Update https://propertyupdate.com.au/stamp-duty-has-tripled-in-some-australian-cities/