Please select your state

We will show you information specific to your state.

Home | Blog | Increasing house prices means increasing stamp duty

Stamp duty increase

Stamp duty in November and December hit new records due to Sydney’s increasing house prices.

Stamp duty is a large expense purchasers must take into account when purchasing a property. Not only do you need to save for a deposit but also for stamp duty.

Stamp duty on a purchase price of $750,000 is $29,260.00 and must be paid by a purchaser at or prior to settlement if borrowing money to buy a property, otherwise within 3 months of exchange.

If buying a house or apartment off the plan, purchasers have 15 months from exchange to pay stamp duty or at settlement, whichever is earlier. This means a property may not be built for 2-3 years but a significant outlay must be paid by the purchaser much earlier.

Foreign persons do not receive the 12 month deferral and must pay the stamp duty within 3 months of exchange. Additionally foreign persons who purchase residential real estate must pay a 4% surcharge purchaser duty.

First home buyers no longer receive stamp duty concessions on purchases of existing homes but may be eligible for an exemption of stamp duty for purchases of a new home up to $550,000 or land up to $350,000 and concessions on houses up to $650,000 or land up to $450,000 for owner occupiers. Eligibility criteria applies.

Grants of $5,000 may apply for purchasers of a new home up to $650,000 or vacant land up to $450,000 upon which a new home will be built provided construction commences within 26 weeks of completion of the purchase. This is deducted from the amount of stamp duty payable by the purchaser. Eligibility criteria applies.

Turner Freeman have specialist lawyers in the area of property law  who can provide you with advice and assistance if you are looking to purchase, or in the process of purchasing a property. Contact us today on 13 43 63, our New South Wales office locations include Sydney, Parramatta, Campbelltown, Newcastle, Penrith, Wollongong and Gloucester.

Contact Us

Latest News and Blog

Salvation Army officer sentenced to 16 years imprisonment

16 years imprisonment of Salvation Army officer under tougher sentencing laws.Read More

Workers Compensation: Joint replacement surgery not subject to time limitations

Important clarification of injured workers rights to medical expenses in NSW.Read More