No stamp duty cuts says NSW
The New South Wales Treasurer Michael Egan says there will be no cuts to stamp duty in the upcoming state budget despite huge rises in stamp duty revenue. An Opposition report showed that NSW revenue stamp duty has risen from $1.09 billion in 1994-1995 to $3.4 billion in 2002-2003. During this period, house prices have doubled but stamp duty has trebled. Mr Egan said that despite the rises, NSW still has the second-lowest stamp duty in Australia after Queensland.
In Sydney's south-west, median house prices in West Hoxton rose to $420,000 by March with buyers paying stamp duty of $14,390 – a 980 per cent increase since 1995. The cheapest areas for stamp duty are regional towns such as Curlwaa with a median house price of $95,399 and stamp duty of $1,826, and Wee Waa, with a March 2003 house price of $115,000 and stamp duty of $2,532. Only two areas have experienced a drop in both house prices and stamp duty. In Coonabarabran, median house prices fell from $96,000 to $86,000 with a decline in stamp duty of nearly 18 per cent; and in Uralla the median house price fell from $87,000 to $85,000, with a 4.5 per cent fall in stamp duty.