Sydney buyers slugged by stamp duty

Sydney home buyers are paying higher rates of stamp duty on residential properties than buyers in other states. The BankWest residential stamp duty report shows the median stamp duty bill in Sydney is $19,385, the highest of all eight capital cities. Brisbane has the lowest, at $5,688. NSW stamp duty is 3.5 per cent on properties worth $80,000 to $300,000, rising to 4.5 per cent for $300,001 to $1 million, 5.5 per cent for $1 million to $3 million and 7 per cent above $3 million. Stamp duty thresholds have not changed in NSW while houseprices have increased 20 per cent since 2003. Only Victoria and Western Australia have increased thresholds to match the rise in house prices.

Source: Sun Herald