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.