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{{propApi.successMessage}} {{region}} Change locationAustralia's highest stamp duty shatters Victorians' home ownership dreams
Australia's highest stamp duty shatters Victorians' home ownership dreams
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The Report released today by the Housing Industry Association, Australia’s peak residential building industry association shows that in November 2021, Victorian homebuyers paid an average of $40,370 in stamp duty on the State’s median property price of $755,000 compared to New South Wales homebuyers who paid $34,807 (4% of the State’s median property price) and Queensland homebuyers who paid just $11,005 (2% of the State’s median property price).
“The tax impost – the highest in the nation - is shattering the home ownership dreams of many Victorians and potentially driving much needed skilled labour out of the State,” says HIA Executive Director, Fiona Nield.
“On average, every time a home is sold in Victoria, the State Government pockets more than $40,000 – and that doesn’t take into account other punitive property taxes, which will soon be compounded by the new social housing tax announced last week,” Ms Nield said.
“The State government appears set on layering tax upon tax on home buyers and the housing industry, and this is putting pressure on all parts of the housing market including trapping people in the private rental market instead of lifting them into home ownership.
“The implications of high stamp duty and high property taxes are being felt across the State, and right across the State’s economy including hampering our ability to retain and attract skilled workers, who are increasing being lured to other states because of more affordable housing.
“Queensland has been the biggest beneficiary of this exodus from Melbourne as families moved north, where they’re paying almost $30,000 less in Stamp Duty, while also paying substantially less for a home.
“To make home ownership a reality for more Victorians, we must reduce the amount of money they’re paying into the government coffers and increase the amount they’re able to pay towards the cost of a home.”
HIA’s Stamp Duty Watch Report reviews the latest developments and policies around stamp duty across Australia’s eight States and Territories.
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