Stamp Duty Skyrockets

Stamp Duty Skyrockets

Stamp duty charges have skyrocketed costing property buyers up to six times more than in the eighties.

A new report by PropTrack and research institute, e61, says in some states stamp duty on a median-priced home could be as much as $45,000.

In real terms relative to income, the research says stamp duty is six times higher in the Melbourne and Hobart markets than it was in the early to mid-eighties and 5.4 times higher in Sydney.

Stamp duty is 5.5 times higher in Brisbane and 4.5 times higher in both Perth and Adelaide.

PropTrack senior economist, Angus Moore, says the figures show that reform is critically needed to allow the property market to operate more efficiently.

“Stamp duty is a large upfront cost for home buyers that has to be saved on top of a deposit,” he says.

e61 research manager Nick Garvin says policymakers must consider the indirect impact stamp duty has on other parts of the economy and people's lives.