How stamp duty reform benefits homeowners
“If we’re looking at an economy that’s dynamic and vibrant, we want to remove taxes on mobility.” Reserve Bank of Australia Governor Philip Lowe
Stamp duty reform affects homeowners at all stages of their life.
REIA’s latest Real Estate Market Facts report found the average house price in Sydney was $1.59 million.
If you wanted to move to Sydney for a new job, that means you’d be paying $71,705 in stamp duty alone.
This cost also prevents people from adapting their living situation to their lifestyle.
Accommodating a growing family, wanting more space for pets and garden and upgrading to a nicer home come with a hefty price tag, with Australians in general deciding to ‘stay put.’
Stamp duty also impacts Australians that would typically downsize at a certain point in their life.
ABS found that the number of spare bedrooms increased from 12.7 million in the 2017-2018 financial year to 13 million in 2019-2020 financial year.
Two thirds of those were in households with a couple only, or a single person, with the majority of them owning their own homes.
Whether you need to move for a job, need to move somewhere bigger, or are looking for a house that suits your lifestyle requirements, stamp duty acts as a major disincentive to do so.
