Pete Wargent blogspot

CEO AllenWargent Property Buyers, & WargentAdvisory (institutional). 6 x finance author.

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Wednesday, 27 January 2016

NSW stamps surge past $1bn in December

Record stamps

December 2015 was another record month for stamp duty receipts in New South Wales, with $1.18 billion of transfer duty raised in a single month from 23,963 transactions.

The record monthly result comfortably eclipsed the previous record set of $796 million in stamp duty raised in September 2015.

The latest data released by the Office of State Revenue (OSR) revealed that the stamp duty revenue for December was an astonishing 65 per cent higher than the prior year equivalent figure.

Over the calendar year the New South Wales state government, raised a record $8.7 billion from stamp duty receipts, a huge revenue windfall for the state budget, and a 30 per cent increase from receipts in calendar year 2014. 

The New South Wales stamp duty bonanza was sparked by cuts in interest rates, leading to rising house prices and an increase in transaction levels, particularly from property investors.

Combined with asset sale proceeds (Transgrid) the Sydney property boom cycle is set to deliver a surplus, with stamp duty revenues collected totalling hundreds of millions of dollars above 2015-16 Budget forecasts. 

Sydney is forthwith set to benefit from the unleashing of a massive $70 billion infrastructure boom.