I purchased my home some 12 years ago. I paid $30,000 in Stamp Duty. Today, if I wanted to sell and buy a property similar to mine (but one which is single storey rather than double storey), I am presuming a similar price to what I am likely able to get for my own. I have calculated the Stamp Duty as being approx. $70,000. This means that the property I buy will have an additional $70,000 cost added to the price I have paid and would take quite some time for me ever to recover that. Hence, I stay here.
Stamp Duty is ridiculous but has filled the coffers of the Andrew government. It is a disincentive for people to buy and sell according to the price of the property and distorts the functioning of the property market. Why is there no inflationary factor attached to property. It is exactly the same property. Why should the state government receive a $100,000 in a 12 year period???
