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.
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