The Property Council of Australia has lamented that 80s pop stars Wham! were ruling the charts the last time rates of stamp duty were looked at.
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They say new figures indicate that stamp duty on a median priced home in Wollongong has increased by 87 per cent over the terms of this state government.
The Property Council says figures they’ve collected illustrate the financial burden being placed on home buyers “to the benefit of the state government’s bottom line”.
“At the beginning of this Liberal/National Government in 2011, you paid $17,135 stamp duty on a median priced home in Wollongong,” Property Council regional director Kim Rawson said. “That’s now up to $31,962, an 87 per cent increase.”
Mrs Rawson said addressing these types of increases was crucial to tackling housing affordability.
“The government is on track for a bumper year in stamp duty revenue, collecting $8 billion to April,” she said. “We know that our Treasurer and Premier have said that stamp duty reform could be part of the plan to address housing affordability, but with such increases, stamp duty reform is critical.
“Last time the rates of stamp duty were looked at, Wham! was in the charts and the Treasurer was three years old, (so) perhaps it’s time to have a serious look at updating our approach.
“We need stamp duty reform for there to be cheaper housing.”
The Berejiklian government's first state budget is to be delivered on June 20.
“Inaction on tax reform must be addressed in the upcoming budget or we will continue to see these rises and pressure build on NSW households. The recent drop off in residential construction will only add to the problem,” Mrs Rawson said.
