After watching the 7.30 Report’s story on duty https://www.abc.net.au/7.30/calls-to-reform-stamp-duty/10748288 and the reliance of all State Governments on duty for revenue, I got to thinking………..is WA the most expensive State for duty……..I’ve heard so many people claim it is so let’s do some research.
In order from cheapest to dearest……..WA falls in at No 4 with Queensland the cheapest by far if you are buying the property for your home. Spare a thought for the poor Victorians who are paying a whopping $10329.50 more in duty than we pay in the West.
Queensland’s concession for duty on your own home is very generous saving home owners $7,175.00 and wouldn’t it be great to see a scheme like this in WA which would no doubt provide a great boost to our market.
Only $805.50 separates Tasmania, NSW and WA, with the bottom three States paying between $6000 and $10,000 more duty than we do in WA. I’m starting to think this could be a great selling point for real estate agents in WA trying to sell WA property to the men and women from the East.
So the actual numbers…………… with median prices sourced from Domain’s September 2018 ¼ report is https://www.domain.com.au/product/house-price-report-september-2018/ )
- In Queensland where the median price in Brisbane is $567,376.00 – duty on a house at $750k, will incur duty of $19600.00 if it is your home and $26775.00 for an investment property and like WA, Queensland also has an additional 7% duty for foreigners.
- In Tasmania where the median price in Hobart is $478,491.00 – duty on a house at $750k will incur duty of $28935.00
- In New South Wales where the median price in Sydney is $1,101,532.00 –duty on a house at $750k, if you can find one, will incur duty of $29240.00
- In Western Australia where the median price in Perth is currently $544,609.00, buying a home for $750,000 will incur duty of $29740.50
- In South Australia where the median price in Adelaide is $535,527.00 – duty on a house at $750k, will incur duty of $35080.00 and like WA, South Australia also has an additional 7% duty for foreigners.
- In Northern Territory where the median price in Darwin is $519,260. – duty on a house at $750k, will incur duty of $37125.00
- In Victoria where the median price in Melbourne is $852,980.00 – duty on a house at $750k if you can find one, will incur duty of $40,070.00 and like WA, Victoria also has an additional 7% duty for foreigners.
Do you really need any more reasons to invest or buy in WA? Not only is our housing more affordable so too is our duty and you’ll get no argument from me, it’s obscene that our State Governments take so much money out of the real estate market via duty. Too much reliance on duty as we have seen costs the Governments dearly when markets cool and sales slowdown…………..