Top 50 NSW suburbs for total stamp duty paid revealed
The top 50 suburbs for the total amount of stamp duty paid have been revealed, according to fresh data.
The data, which comes from CoreLogic and commissioned by the Real Estate Institute of NSW, found the number one suburb for total stamp duty paid over the last 12 months to October 2018 was Mosman, which saw a total stamp duty payment of $90,154,540 after 315 properties sold with a median sales price over the last 12 months of $4,100,000.
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Following this was Randwick, which saw a total stamp duty payment of $43,979,150 with 252 properties sold with a median sales price of $2,455,000, which was inched out by Bellevue Hill at $42,252,860 with 108 properties sold with a median sales price of $5,547,500.
How is stamp duty calculated?
The cost of stamp duty depends on the price of a sold property, which is then taxed at a specific rate. Currently, there are seven stamp duty brackets for residential property, with each bracket taxed at an increased rate.
As a result, properties in areas with high property prices and high sales volumes will have a higher overall total stamp duty paid figure.
According to Revenue NSW, the current stamp duty brackets are:
|
Property price |
Stamp duty rate |
|
$0 to $14,000 |
$1.25 for every $100 (the minimum is $10) |
|
$14,001 to $30,000 |
$175 plus $1.50 for every $100 over $14,000 |
|
$30,001 to $80,000 |
$415 plus $1.75 for every $100 over $30,000
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|
|
$80,001 to $300,000 |
$1,290 plus $3.50 for every $100 over $80,000 |
|
$300,001 to $1 million |
$8,990 plus $4.50 for every $100 over $300,000 |
|
Over $1 million |
$40,490 plus $5.50 for every $100 over $1 million |
|
Over $3 million (residential properties only) |
$150,490 plus $7.00 for every $100 over $3 million |
Reforms to stamp duty an ‘insult’
Late last year, the NSW government announced it was intending to change the current stamp duty brackets from 1 July 2019, indexing it to the Consumer Price Index.
In response, Tim McKibbin, CEO of the REINSW spoke out against the NSW government’s usage of outdated tax brackets, labelling them as an ‘insult’, as published previously.
“The first tax bracket tops out at, $14,000. I ask rhetorically when was the last time you heard of someone buying a house for $14,000?” he said.
“Yes, indexing is good, and the Treasury says had it been introduced 15 years ago then it would be better now – I agree.
“In fact if it had of been done 32 years ago it would be even better and deliver a far more equitable outcome for the property consumer.”
Instead, Mr McKibbin said the tax brackets should reflect the current median house price and then be indexed.
“To do anything other than that is delivering reform without substance and is just disingenuous political grandstanding,” Mr McKibbin said.
“The government’s own published data sets out clearly the continuing decline in property transactions and consequential stamp duty revenue.
“The irony? There is empirical evidence demonstrating that a reduction in the rate of tax will drive more additional transactions and consequently more revenue for government.”
According to the Real Estate Institute of NSW and CoreLogic, the top 50 suburbs for total stamp duty paid across NSW for the last 12 months to October 2018 are:
|
Suburb |
Median sales price |
Total number of properties sold |
Total amount of stamp duty paid |
|
1. Mosman |
$4,100,000 |
315 |
$90,154,540 |
|
2. Randwick |
$2,455,000 |
252 |
$43,979,150 |
|
3. Bellevue Hill |
$5,547,500 |
108 |
$42,252,860 |
|
4. Vaucluse |
$5,000,000 |
122 |
$39,814,080 |
|
5. Castle Hill |
$1,516,000 |
448 |
$36,264,810 |
|
6. Paddington |
$2,317,500 |
262 |
$32,873,155 |
|
7. Ryde |
$1,680,000 |
286 |
$32,059,820 |
|
8. Maroubra |
$2,000,000 |
247 |
$31,151,735 |
|
9. Chatswood |
$2,220,000 |
161 |
$30,621,315 |
|
10. Manly |
$3,310,000 |
70 |
$30,444,160 |
|
11. Strathfield |
$2,615,000 |
182 |
$28,234,555 |
|
12. Epping |
$1,695,000 |
196 |
$26,966,528 |
|
13. St Ives |
$1,985,000 |
229 |
$26,475,845 |
|
14. Port Macquarie |
$575,000 |
964 |
$26,362,610 |
|
15. Baulkham Hills |
$1,171,000 |
430 |
$26,031,845 |
|
16. Cronulla |
$2,200,000 |
99 |
$24,923,790 |
|
17. St Leonards |
$5,489,122 |
58 |
$24,026,898 |
|
18. Wahroonga |
$1,900,000 |
241 |
$23,903,073 |
|
19. Dee Why |
$1,672,500 |
99 |
$23,872,973 |
|
20. Caringbah South |
$1,722,500 |
228 |
$23,686,525 |
|
21. Blacktown |
$727,000 |
592 |
$23,327,010 |
|
22. Woollahra |
$3,400,000 |
101 |
$23,126,050 |
|
23. Marrickville |
$1,377,500 |
278 |
$22,926,490 |
|
24. Rose Bay |
$3,663,000 |
72 |
$22,232,400 |
|
25. Coogee |
$2,850,000 |
65 |
$22,064,140 |
|
26. Pymble |
$2,315,000 |
165 |
$21,192,470 |
|
27. Bondi Beach |
$2,925,000 |
63 |
$21,166,675 |
|
28. Eastwood |
$1,850,000 |
192 |
$21,057,950 |
|
29. Carlingford |
$1,400,000 |
254 |
$20,792,585 |
|
30. Balmain |
$2,010,000 |
150 |
$20,617,910 |
|
31. Hunters Hill |
$2,792,500 |
121 |
$19,934,858 |
|
32. Cremorne |
$3,050,000 |
54 |
$19,678,885 |
|
33. Turramurra |
$2,000,000 |
166 |
$19,616,910 |
|
34. Hurstville |
$1,544,000 |
143 |
$19,035,765 |
|
35. Avalon Beach |
$1,816,000 |
192 |
$18,770,605 |
|
36. Leichhardt |
$1,465,000 |
229 |
$18,605,565 |
|
37. Northbridge |
$3,650,000 |
89 |
$18,205,590 |
|
38. Lindfield |
$2,647,500 |
98 |
$18,169,215 |
|
39. Bondi Junction |
$2,050,000 |
113 |
$17,932,360 |
|
40. Roseville |
$2,710,000 |
107 |
$17,845,030 |
|
41. Kellyville |
$1,180,500 |
333 |
$17,776,787 |
|
42. Gladesville |
$2,035,000 |
145 |
$17,750,875 |
|
43. Drummoyne |
$2,150,000 |
113 |
$17,538,150 |
|
44. Concord |
$2,025,000 |
151 |
$17,426,348 |
|
45. Neutral Bay |
$2,365,000 |
49 |
$17,106,940 |
|
46. Caringbah |
$1,370,500 |
143 |
$17,038,498 |
|
47. Bronte |
$3,850,000 |
72 |
$16,824,470 |
|
48. Orange |
$395,000 |
1196 |
$16,801,860 |
|
49. Surry Hills |
$1,733,000 |
106 |
$16,797,930 |
|
50. North Bondi |
$2,825,000 |
83 |
$16,681,875
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