The unprecedented boom in the New South Wales property market has driven stamp duty receipts to a fresh all-time high, according to data from Office of State Revenue.
In the year to August 2021, stamp duty receipts surged 60% to a record high $8.8 billion:
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Average stamp duty has also risen to a record high $38,300:
Part of the lift in stamp duty receipts is attributable to rising transfer volumes, which surged 41% year-on-year in August to a record high 228,900:
In annual growth terms, the rebound in transfers and stamp duty receipts has also surpassed previous peaks:
The New South Wales Government should continue to bank strong stamp duty receipts given dwelling values are still rising by around 5.5% quarter-on-quarter.