Stamp duty has remained unchanged in NSW for 32 years despite median house prices rising by 1181.55 per cent, according to REINSW.
When the current NSW Transfer Duty brackets were put into place in 1986 the median dwelling price, according to statistics from CoreLogic, was $80,675* compared to the current median house price of $1,033,892.
REINSW have commented: “The government’s unwillingness to act on this is outrageous. The numbers speak for themselves. Median unit prices have also seen a similar increase with a rise of 841.80 per cent from $80,331 to $756,557.
“Consumers should be angry about this huge injustice and the government needs to start listening. A full review must be undertaken and it must be undertaken now.”