A market analysis prepared for the Real Estate Institute of Australia
This report by the Real Estate Institute of Australia and SQM Research has found the percentage of Australian homes available to purchase has fallen from 4.5 percent in 2008 to just 2.5 percent today, with figures considerably lower in the major capitals. The report also shows that the number of properties in Australia has risen from 8.6 million in 2008 to 9.6 million in the latest estimates, making the falling number of homes for sale more alarming.
This lack of turnover is majorly due to the burden of stamp duty, which punishes Australians for buying and moving.
Stamp duties as a proportion of the average earnings have risen. SQM Research has examined the burden of stamp duties as a proportion of average earnings and has found that nationally, stamp duties as a percentage of average earnings have jumped over the past nine years to 34.3% from 25.1%, up almost one-third.
Read the full findings and implications in the report.