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 October 2021, stamp duty receipts surged 65% to a record high $9.4 billion:
Average stamp duty has also risen to a record high $40,400:
Part of the lift in stamp duty receipts is attributable to rising transfer volumes, which surged 38% year-on-year in October to a record high 223,172:
In annual growth terms, the rebound in transfers and stamp duty receipts has also surpassed previous peaks; although transfers are now moderating:
The New South Wales Government should continue to bank strong stamp duty receipts given dwelling values are still rising by over 4.0% quarter-on-quarter.
Leith has previously worked at the Australian Treasury, Victorian Treasury and Goldman Sachs.
- Weekend Reading: 29-30 January 2022 - January 29, 2022
- Auction market awakens from holiday slumber - January 28, 2022
- Omicron infected told to have booster shots - January 28, 2022
YOU MAY ALSO BE INTERESTED IN
Auction market awakens from holiday slumber
Last weekend, the nation's auction market kicked
Australia posts strongest rental growth since 2007
CoreLogic’s quarterly Rental Review has been
CoreLogic weekly house price update: Adelaide booming
In the week ended 27 January, the CoreLogic daily
Australian capital city houses smash $1 million price barrier
Domain has released its December quarter house