Through the roof: taxes send Sydney home prices soaring
Local, state and federal taxes have added about $130,000 to the price of a new house in Sydney, taking home ownership beyond the means of most people, according to a new Housing Industry Association report.
The taxes – which include GST, stamp duty, local and state government levies and approval processing fees – have increased four-fold in the past 10 years.
The $130,000 in taxes could increase to $150,000 if some of these taxes become fixtures. Examples are the $15,000 that land buyers in Baulkham Hills must pay to the state regional infrastructure fund and $50,000 in Liverpool for water, roads and sewerage services from Camden Council.