Stamp duty is the bane of every buyer's existence. Just when they think they've scrimped and saved to cobble together the money they need to put down a home deposit, stamp duty rears its ugly head to throw off all their calculations.
This is the case everywhere across Australia – everywhere, that is, apart from Queensland. The Housing Industry Association recently released the results of its winter 2015 Stamp Duty Watch, which reveals Queensland comes in at dead last among the states and territories when it comes to the average stamp duty burden.
That means if you're planning to buy property in Burpengary East and surrounding areas, most of your spending will be going toward the real tangible home you're purchasing
The typical stamp duty bill in Queensland sits at only $5,950, substantially lower than even the next lowest: Tasmania, at $8,735. Next above that is South Australia with an average bill of $15,080. All of these numbers are a far cry from the top of the list, the Northern Territory, where the typical buyer must spend $23,128 on stamp duty – just under four times the total in Queensland.
The report was released at the same time that Joe Hockey, federal treasurer, revealed that we welcomed discussion around stamp duty and its effectiveness. The Property Council of Australia was quick to praise the treasurer's stance.
"Abolishing stamp duty and replacing it with a more efficient revenue base would address housing affordability, boost the economy, be supported by the community, and bolster fragile state budgets," said Property Council Chief Executive Ken Morrison in a July 15 statement.
The Real Estate Institute of Queensland has also long been calling for a reexamination of stamp duty, arguing that it would help get first home buyers into the market and helping supply to grow. Whatever happens, anyone purchasing real estate in Deception Bay, Morayfield and nearby areas can rest assured the tax is a much smaller problem for them than buyers in other states.