Property Prices Rise Over 1180%, Stamp Duty Brackets Remain Unchanged: REINSW

Stamp duty has remained unchanged in NSW for 32 years despite median house prices rising by 1181.55 per cent, according to the Real Estate Institute of New South Wales.

REINSW President Leanne Pilkington said 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.

“The government’s unwillingness to act on this is outrageous,” she said. “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,” Ms Pilkington said.