High Stamp Duty Fees “Shattering” Victorians’ Dreams Of Homeownership: Housing Group

Victorians are paying the highest stamp duty in Australia, according to the Housing Industry Association (HIA).

HIA’s annual Stamp Duty Watch Report found Victorian homebuyers paid an average of $40,370 in stamp duty in November 2021 – equivalent to around 5% of the state’s median property price ($755,000).

In comparison, homebuyers in New South Wales paid $34,807 during the same period, or 4% of the state’s median price.

The difference was more significant in Queensland, where homebuyers paid $11,005 in stamp duty or 2% of the median property price.

HIA executive director Fiona Nield said Victoria’s high stamp duty rate means the state government pockets more than $40,000 every time a home is sold.

“The tax impost — the highest in the nation — is shattering the home ownership dreams of many Victorians and potentially driving much needed skilled labour out of the state,” she said.

Ms Nield also said Victoria’s high property taxes were not only hurting home buyers but the local economy as well – with skilled workers increasingly lured to other states with more affordable housing.

“Queensland has been the biggest beneficiary of this exodus from Melbourne as families moved north, where they’re paying almost $30,000 less in stamp duty, while also paying substantially less for a home,” she said.

“To make home ownership a reality for more Victorians, we must reduce the amount of money they’re paying into the government coffers and increase the amount they’re able to pay towards the cost of a home.”

Rhiannon Leonard is a property lawyer at Sutton Laurence King Lawyers.

 Buying property? Get an experienced conveyancer on your side when you work with Sutton Laurence King Lawyers. Call us on 03 9070 9810 or email us on