Melbourne Suffered Biggest Stamp Duty Inflation over Past Two Decades
Aussies who are investing in property have suffered massive rise in stamp duty costs in the past decades.
As per the new research by Property Council of Australia, all the regions have got a rise in stamp duty value, but the region that has suffered a maximum rise is Melbourne that got an increase of 695% between 1995 and 2015. The rise was $4,060 to $32,282, based on median house prices.
If we talk about other regions:
- Sydney stamp duty got an increase of 649%, from $4,685 to $35,090
- Perth stamp duty has got an increase of 638%, from $2,600 to $19,190.
- Brisbane stamp duty got an increase of 532%, from $1,329 to $8,400
- Canberra stamp duty got an increase of437%, from $3,765 to $20,200.
- Adelaide stamp duty got an increase of 437%, from 3,230 to $17,330
- Hobart stamp duty got an increase of 427%, from $2,335 to $12,295.
- Darwin stamp duty got an increase of 659%, from $3,735 to $28,339 but that 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”.
He further added, “These astounding increases in the costs of stamp duty are nothing short of scandalous. 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.”
News Source: http://www.smartpropertyinvestment.com.au/news/14299-stamp-duty-increases-695