The strong rebound in the New South Wales property market has driven an equally strong lift in stamp duty receipts, according to data from Office of State Revenue.
In the year to March 2021, stamp duty receipts rose 19% to $6.4 billion; although they remained below the all-time high $7.4 billion in stamp duty collected in the year to September 2017:
NSW stamp duty receipts are bouncing back hard
Part of the lift in stamp duty receipts is attributable to rising transfer volumes, which rose 16% year-on-year in March to 189,409; although they too remain well below the September 2017 peak of 214,100 transfers:
Transaction volumes have bounced hard.
In annual growth terms, the rebound in transfers and stamp duty receipts are climbing towards previous peaks:
The bounce-back in stamp duties and transfers has been spectacular.
The stamp duty outlook is obviously strong. Sydney dwelling values are rising fast, growing by over 9% quarter-on-quarter, according to CoreLogic:
Sydney dwelling values have gone almost vertical.
CoreLogic also estimates that Sydney’s sales volumes rose 18% year-on-year in April.
Therefore, the New South Wales Government should enjoy a big lift in stamp duty receipts this calendar year.
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