Stamp Duty Costs up to 6 Times More Than a Generation Ago

Property analysts have uncovered property stamp duty in Australia is at record highs when compared with a generation ago, providing another hurdle to those looking to get on the property ladder in a rebounding economy still in the throes of the cost-of-living crisis. A poll conducted by the Philanthropic McKinnon Foundation found the cost of housing impacted the life plans of over a third of respondents. Stamp duty in Australia is a state-based duty charged on property transactions, usually at around 3 to 4 percent of a property’s value, and according to data released today by market-insight researcher PropTrack. It detailed that a worker living in Greater Melbourne and earning an average $85,000 (US$55,000) per year would spend the equivalent of six months’ income on stamp duty purchasing a typical home....