Property news: Stamp duty now costs more than one year's salary

Stamp duty now costs more than one year’s salary

The above headline is from a Real Estate website. and goes on to read:

Stamp duty has become so expensive on the northern beaches of Sydney that it takes one year’s average wage to pay it off

Today the median house price on the northern beaches is $1,529,000, according to CoreLogic RP Data, and anyone who buys at that level has to pay the government more than $70,000 in tax.

Stamp duty has become so expensive on the northern beaches of Sydney that it takes one year’s average wage to pay it off.

Families are routinely handing the NSW State Government $100,000 or more for the privilege of buying property on the northern beaches.

www.realestate.com.au/…/stamp-duty-now-costs-more-than-wages-for-a-year

The REAL Information

Stamp Duty in New South Wales

$600,000 house = $22,763 stamp duty or reduced to $12,643 for a first home buyer.

2.1 million dollar house = $101,263 stamp duty

The article compares Houses on the northern beaches of Sydney with average NSW wages.
That’s a bit like saying the average Mercedes is too expensive for the average wage earner. (Yeah, we know)

According to CoreLogic RP Data the median house price for the northern beaches is $1.4 million.

Property Prices are much higher in Sydney than in the rest of NewSouth Wales, and Wages propably are too.

Median prices of Houses and Units in Sydney

Houses

$ 657,000 South West
$ 675,000 West
$ 859,000 Canterbury Bankstown
$1,096,500 South
$1,290,750 Upper North/North West
$1,420,000 Inner West
$1,600,000 Northern Beaches
$2,025,000 City and East
$2,300,000 Lower North

UNITS

$425,000 South West
$490,250 West
$495,250 Canterbury Bankstown
$627,500 South
$725,000 Upper North/North West
$730,000 Inner West
$762,500 Northern Beaches
$828,000 City and East
$840,000 Lower North

Source: Domain Group, March 2016 data

Some Examples of Ares with the Fastest rising Median House Prices:

Bemboka, Bega Valley, NSW, $284,933 a rise of 49.0% in one year.
Narembeen, WA, $161,691 a rise of 36.9% in one year.
St Kilda West, Port Phillip, VIC, $1,776,943 a rise of 36.2% in one year.

Examples of Lowest and Highest House Prices in Australia

Australian Lowest Median House value

Median value

$85,616 – Jeparit, Hindmarsh, VIC
$89,605 – Zeehan, West Coast, TAS
$94,182 – Queenstown, West Coast, TAS
$94,291 – Rosebery, West Coast, TAS
$97,136 – Sea Lake, Buloke, VIC

Australian Highest Median House value

Median value

$5,517,002 – Point Piper, Woollahra, NSW
$5,105,639 – Centennial Park, Randwick, NSW
$3,880,848 – Vaucluse, Woollahra, NSW
$3,783,501 – Bellevue, Woollahra, NSW
$3,664,178 – Tamarama, Waverley, NSW

Lowest Median value areas for Houses, in Australian States

South Australia

$173,357 – Elizabeth North, Playford, SA
$176,869 – Davoren Park, Playford, SA
$186,247 – Smithfield Plains, Playford, SA
$192,622 – Elizabeth Downs, Playford, SA
$195,044 – Elizabeth Grove, Playford, SA

Queensland

$222,398 – Russell Island, Redland, QLD
$228,673 – Riverview, Ipswich, QLD
$230,900 – Leichhardt, Ipswich, QLD
$231,242 – Basin Pocket, Ipswich, QLD
$234,351 – Lamb Island, Redland, QLD

Victoria

$265,442 – Melton, Melton, VIC
$265,651 – Millgrove, Yarra Ranges, VIC
$270,539 – Melton South, Melton, VIC
$283,319 – Frankston North, Frankston, VIC
$289,506 – Coolaroo, Hume, VIC

New South Wales

$327,027 – San, Wyong, NSW
$340,729 – Gorokan, Wyong, NSW
$354,298 – Canton Beach, Wyong, NSW
$358,096 – Watanobbi, Wyong, NSW
$358,547 – Halekulani, Wyong, NSW

West Australia

$289,480 – Medina, Kwinana, WA
$320,386 – Hillman, Rockingham, WA
$322,340 – Armadale, Armadale, WA
$323,792 – Calista, Kwinana, WA
$324,168 – Parmelia, Kwinana, WA

Northern Territory

$457,365 – Moulden, Palmerston, NT
$478,592 – Gray, Palmerston, NT
$499,763 – Woodroffe, Palmerston, NT
$506,921 – Driver, Palmerston, NT
$524,166 – Johnston, Palmerston, NT

Tasmania

$135,530 – Gagebrook, Brighton, TAS
$155,346 – Clarendon, Clarence, TAS
$169,075 – Bridgewater, Brighton, TAS
$177,195 – Risdon, Clarence, TAS
$196,417 – Rokeby, Clarence, TAS

Australian Capital Territory

$391,560 – Charnwood, ACT
$418,678 – Ngunnawal, ACT
$436,762 – Higgins, ACT
$438,770 – Holt, ACT
$450,038 – Richardson, ACT