Consumer News

By Tim McKibbin - REINSW CEO

After more than 30 years, it’s time for the State Government to review the unfair and outdated stamp duty rates to help those seeking to purchase a home.
 
Tax should be a consequence of a transaction not a considerable. Stamp duty is forcing people to stay in their existing homes and renovate, instead of selling and moving to a property that responds to the current circumstances. 

This transactional disincentive has an adverse effect across the entire market. Stamp duty of $50,302 was payable on a property with the median house price of $1.178,417* million in June 2017, compared to $11,407 on the median house price of $242,952 in June 1997.
 
Last year’s reforms to stamp duty did not go far enough. REINSW will be urging the NSW Premier to undertake a full review of stamp duty in 2018.

* According to Domain State of the Market Report, June 2017.