Property Insider Stamp Duty now known as Transfer Duty The Real Estate Institute of New South Wales believes high rates of Stamp Duty (now known as Transfer Duty) are harming the NSW real estate industry as more and more people are put off entering the property market. Currently, the local buying population simply don’t have an incentive to purchase property with such high rates of Transfer Duty. The total NSW Transfer Duty revenue for the 2018-19 financial year was just over $7.5 billion. Data shows that the number of dutiable transactions in June 2019 was 15,964 which is the lowest number of dutiable transactions in NSW in the past 13 years. The REINSW is asking why the NSW Government isn’t revising the Transfer Duty brackets? According to realestate.com.au
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Transfer Duty in NSW is payable on the following purchases: • property, including your home or holiday home, • an investment property, • vacant land or a farming property, • commercial or industrial properties, or • a business, which includes land. Transfer Duty must also be paid on any land that is acquired The REINSW says there is empirical evidence clearly showing that reducing the rate of tax will increase transactions. Then everyone wins, including the government. This gives the government plenty of capacity to assist home buyers, particularly first home buyers.
the median house price (i.e. the price of a property that falls in the middle of the total number of houses sold over a certain period) for the 12 months to September 27th is $1,315,000. The transfer duty payable on the median house price is a whopping $57,627.
without buying it, such as: • a declaration of trust, • a gift, or • a transaction effecting a change in the beneficial ownership of a property. The REINSW suggests that it is about time the NSW Government came out in support of property buyers and made significant changes to the punitive rates of tax currently imposed on property buyers.
TRANSFER DUTY CALCULATOR Property Value Transfer duty rate $0 – $14,000 $1.25 for every $100 (the minimum is $10) $14,001 – $30,000 $175 plus $1.50 for every $100 over $14,000 $30,001 – $81,000 $415 plus $1.75 for every $100 over $30,000 $81,000 – $304,000 $1,307 plus $3.50 for every $100 over $81,000 $304,001 – $1,013,000 $9,112 plus $4.50 for every $100 over $304,000 Over $1,013,000 $41,017 plus $5.50 for every $100 over $1,013,000
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74 Orana Road, Ocean Shores
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Inspect Saturday 12th October 11-11.30am Price $775,000 Todd Buckland 0408 966 421
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7 Left Bank Road, Mullumbimby This is a rare chance to grab a beautiful creek side acre in Mullumbimby, with mature gardens and fruit trees. The home is family sized and suited with privacy from the street and recent renovations have updated the kitchen and bathrooms so there’s nothing to do.
SA OP T EN 1p m 6 Rangal Road, South Golden Beach Located directly opposite the walking track to the sands of South Golden Beach, this cracking house holds a great deal of potential. Move right in or update as you wish, this home has so much space, it will accommodate a range of family configurations.
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Inspect Saturday 12th October 1-1.30pm Auction Saturday 19th October 12.30pm on site Todd Buckland 0408 966 421
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Are you looking for a house in great shape with room for the boat AND the caravan? This could be the house for you. There’s nothing to spend. Every part of the house has been updated and refreshed including a brand new fully insulated colourbond roof.
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byronshirerealestate.com.au
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Inspect Saturday 12th October 10-10.30am Price $890,000 to $910,000 Todd Buckland 0408 966 421
www.echo.net.au/byron-echo Byron Shire Echo archives
23 Palmer Avenue, Ocean Shores Delivering sweeping ocean views, this architecturally designed home offers a masterclass in contemporary style & effortless functionality in a prized location. The light filled interiors give a luxurious volume to the interiors. Moments to beaches, 30 min to Coolangatta airport.
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Inspect Saturday 12th October 12-12.30pm Price $1,400,000 Todd Buckland 0408 966 421 wĈƐşćĕſ ǰǽ ǩǧǨǰ The Byron Shire Echo 25