Stamp duty increases 695pc in past 20 years

Stamp duty increases 695pc in past 20 years

stamp duty increases
by 2 comments

Property buyers around Australia have suffered colossal increases in stamp duty over the past two decades.

Melbourne has suffered the biggest stamp duty inflation between 1995 and 2015, with an increase of 695 per cent, according to new research from the Property Council of Australia.

Stamp duty has risen during that time from $4,060 to $32,282, based on median house prices.

Sydney stamp duty has jumped 649 per cent, from $4,685 to $35,090, while Perth has jumped 638 per cent, from $2,600 to $19,190.

Brisbane is up 532 per cent, from $1,329 to $8,400, while Canberra is up 437 per cent, from $3,765 to $20,200.

Adelaide has also climbed 437 per cent, from 3,230 to $17,330, while Hobart has risen 427 per cent, from $2,335 to $12,295.

Darwin stamp duty has increased from $3,735 to $28,339 – although that 659 per cent increase was based on a starting year of 2000 not 1995.

Property Council of Australia chief executive Ken Morrison said stamp duty has become a “runaway cash grab” that is locking out potential home buyers.

“These astounding increases in the costs of stamp duty are nothing short of scandalous,” Mr Morrison said.

“The community should be outraged that they are being slugged with such excessive charges, especially at a time when housing affordability is an acute challenge.”

[Related: Federal inquiry calls for end to stamp duty]

promoted content
Recommended by Spike Native Network
Listen to other installment of the Real Estate Business Podcast
reb top 100 agents 2017

With a combined sales volume of over $14 billion in 2017, the Top 100 Agents ranking represents the very best sales agents in Australia. Find out what sets them apart and learn their secrets to success.

featured podcast

featured podcast
How this agent grew his database by 50% in five years

In this episode of Secrets of the Top 100 Agents, Robert Pignataro joins host Tim Neary to explain how he increased his personal database by...

View all podcasts

Does the benefit of being part of a branded group outweigh the cost?

Depends on the group
Do you have an industry update?