News

NSW wants to offer $25,000 grants to first home buyers in a stamp duty overhaul. One expert says it’s the best way to help young people get into an expensive market.

The NSW government has released a proposal that will remove stamp duty for first home buyers and potentially increase the state’s home ownership by 6%. It comes in response to the increasing unaffordability of property in the state, with Sydney’s median house price hitting $1.1 million. Experts have embraced the […]
NSW wants to offer $25,000 grants to first home buyers in a stamp duty overhaul. One expert says it’s the best way to help young people get into an expensive market.
Markets

The pros and cons of axing stamp duty in Australia

Stamp duty has been thrust centre stage of COVID-19 economic reforms, as one of the most unpopular taxes in Australia faces a major overhaul. Stamp duty, paid whenever a property is purchased in Australia, is one of the biggest revenue sources for the state governments. More than $7 billion in […]
The pros and cons of axing stamp duty in Australia
Markets

Housing sales are tumbling in Australia and affordability is largely to blame

Housing sales are tumbling across Australia, especially in the capital cities. According to CoreLogic, just 4.6% of all Australian homes changed hands in the year to July, below the 5.3% level in the preceding 12 months. Housing affordability constraints largely explains the broader decline in turnover levels. Recent market weakness […]
Housing sales are tumbling in Australia and affordability is largely to blame
Markets

Stamp duty revenue for the NSW government continues to fall

Stamp duty receipts for the New South Wales government continue to fall, reflecting the impact of weaker home prices in Sydney, falling turnover levels as well as the introduction of stamp duty discounts for first time buyers in the middle of last year. As seen in the chart below from […]
Stamp duty revenue for the NSW government continues to fall
Markets

The continued decline in Australian housing sales, in one chart

Turnover levels in Australia’s housing market are falling, especially in the eastern capitals. Turnover is currently running below the average seen over the past decade, and is heading towards lows not seen since the GFC. Compared to the prior 12 months, settled sales in Sydney, Melbourne and Brisbane have fallen […]
The continued decline in Australian housing sales, in one chart
Markets

The surge in property taxes collected in Australia, in one chart

State and local governments have been delivered a massive tax windfall from Australia’s housing boom, especially in New South Wales and Victoria. Last financial year, 52.8% of all revenues for state and local governments came from property taxes, the highest proportion on record. CoreLogic expects property-related tax revenues are likely […]
The surge in property taxes collected in Australia, in one chart
Markets

Housing sales are tanking in Australia’s largest cities

Australia now has more than 10 million homes, the highest number on record. Housing sales are falling sharply in Australia’s largest cities. The Commonwealth Bank says higher transaction fees are contributing to the decline. There are now more than 10 million homes in Australia, according to the Australian Bureau of […]
Housing sales are tanking in Australia’s largest cities
News

Hammond’s stamp duty cut will make house prices even more unaffordable

Theresa May’s government has vowed to address Britain’s housing crisis – particularly the struggles faced by young people. Philip Hammond’s Budget pledged to scrap stamp duty for first-time buyers buying property worth up to £300,000. However, OBR analysis shows the chancellor’s plan will help just 3,500 people and cause house […]
Hammond’s stamp duty cut will make house prices even more unaffordable
Markets

Stamp duty is stupid

For much of the past decade I lived in Vienna, Austria. If you own a television, a radio or even just an internet connection you pay the state about €25 a month for the privilege, to fund various national broadcasters. Think of it as Netflix, only compulsory…more expensive…not on demand…with […]
Stamp duty is stupid
Markets

‘Stamp duty has no role in the Australian cities of the future’

Implementing the Productivity Commission’s recommendation to scrap stamp duty would increase housing affordability and boost transactions, cutting the average holding time of a house from 13 to eight years, according to the property industry. The chief executive of one of the largest developers in Australia, Mirvac’s Susan Lloyd-Hurwitz, welcomed the […]
‘Stamp duty has no role in the Australian cities of the future’