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Real Estate Business Awards 2021

The REB Awards is the benchmark of success in the Australian real estate industry. It reflects not only the business astuteness of the country’s leading real estate operators and networks..

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top 10 agents

Alexander Phillips

Top 1

Year of Experience: 21

Support Staff: 3

Residential Property Listings Secured: 241

Total Value of Residential Properties Sold: $ 706,737,500

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1/10
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top suburbs

12 month growth
Manyana
70.61%
Tamarama
70.55%
Box Hill
64.95%
Goodwood
64.38%
Bawley Point
63.64%
Lennox Head
62.11%
Casuarina
62.08%
Queenstown
61.31%
Warana
60%
Cooroibah
59.43%
SEE AREA REPORTS ON SMART PROPERTY INVESTMENT WEBSITE
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Stamp duty is too big a burden for homebuyers: HIA

By Staff Reporter
02 September 2014 | 1 minute read

The Housing Industry Association (HIA) has highlighted how onerous the stamp duty burden is for the long-term financial wellbeing of ordinary homebuyers around Australia.

The HIA recently released the first edition of Stamp Duty Watch this week, which will act as a regular barometer of stamp duty across Australia.

HIA senior economist Shane Garrett said the winter 2014 edition of Stamp Duty Watch confirms how onerous the stamp duty burden is for the long-term financial wellbeing of ordinary homebuyers around Australia.

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“The typical homebuyer in Victoria is hit with a $24,100 stamp duty bill, the highest in the country. In states like New South Wales and Western Australia, the average homeowner can look forward to handing almost $20,000 over to the state government before the removal truck even arrives,” he said.

“In all but two of the eight jurisdictions, stamp duty will set buyers back at least $15,000 on the median-priced home.

“The burden of stamp duty is significant in all states and territories. With the exception of Queensland, the tax adds at least three per cent to the cost of the dwelling.”

The Real Estate Institute of NSW (REINSW) has long been vocal on the disproportionate burden stamp duty places on homebuyers.

“REINSW opposes all state taxes including stamp duty. They are narrow-based and discriminatory. They also influence decisions that no tax should,” it said in a statement.

“We have advocated for a sensible debate asking the government to consider the GST as a replacement for the revenue hole created by an abolition of all state taxes.”

Mr Garrett also said this form of taxation makes household indebtedness worse by increasing required borrowings.

“Stamp duty results in total mortgage repayments increasing by $46,400 in Victoria and by $37,100 in NSW,” he said.

“In WA, additional mortgage repayments will total $33,800.

“Stamp duty is an area ripe for policy reform and the Stamp Duty Watch report’s findings make this all the more apparent,” he added. 

Stamp duty is too big a burden for homebuyers: HIA
Taz
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Listen to other installment of the Real Estate Business Podcast
top 10 agents

Alexander Phillips

Top 1

Year of Experience: 21

Support Staff: 3

Residential Property Listings Secured: 241

Total Value of Residential Properties Sold: $ 706,737,500

VIEW COMPLETE REPORT
1/10
Do you have an industry update?

top suburbs

12 month growth
Manyana
70.61%
Tamarama
70.55%
Box Hill
64.95%
Goodwood
64.38%
Bawley Point
63.64%
Lennox Head
62.11%
Casuarina
62.08%
Queenstown
61.31%
Warana
60%
Cooroibah
59.43%
SEE AREA REPORTS ON SMART PROPERTY INVESTMENT WEBSITE
Subscribe to Newsletter

Ensure you never miss an issue of the Real Estate Business Bulletin.
Enter your email to receive the latest real estate advice and tools to help you sell.