Pete Wargent blogspot

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

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Wednesday, 28 September 2016

Stamp duty bonanza continues

The number of property transfers may be somewhat beyond their peak in New South Wales.

But as noted here previously the median price of transfers is much higher than before, particularly in Sydney. 

And since duties are raised based upon transaction prices, the NSW Government stamp duty bonanza continues apace. 

The Office for State Revenue reported transfer duty revenues of a rip-snorting $8.7 billion in the year to August 2016.


The initial August result was a little below the prior year final comparative, but will in all likelihood be revised up as results wash through. 

In any case, the year-on-year change doesn't matter all that much since nobody ever expected or forecast stamps to be this high in the first place. 

It's a massive windfall, and the NSW budget coffers runneth over, in turn funding an infrastructure boom.