Stamp duty is five times more expensive than a generation ago
Sydney and Melbourne’s stamp duty costs for a median-price home equate to about six months of income, forcing home buyers to delay major life decisions.
The stamp duty burden has risen fivefold in just one generation, becoming an impost that holds back people from moving, changing jobs and even having children, new research by e61 Institute and PropTrack shows.
Even after adjusting for inflation, the hefty increase in the property transfer duty levied by state and territory governments now equated to five months of income for an average full-time worker, said e61 research manager Nick Garvin.
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Campbell Kwan covers commercial and residential real estate for The Australian Financial Review, based in the Sydney newsroom. He was previously the breaking news reporter. Email Campbell at campbell.kwan@afr.com
