Top 50 NSW suburbs for total stamp duty paid revealed

18 JAN 2019 By Sasha Karen 11 min read Tax & Legal

The top 50 suburbs for the total amount of stamp duty paid have been revealed, according to fresh data.

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The data, which comes from CoreLogic and commissioned by the Real Estate Institute of NSW, found the number one suburb for total stamp duty paid over the last 12 months to October 2018 was Mosman, which saw a total stamp duty payment of $90,154,540 after 315 properties sold with a median sales price over the last 12 months of $4,100,000.

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Following this was Randwick, which saw a total stamp duty payment of $43,979,150 with 252 properties sold with a median sales price of $2,455,000, which was inched out by Bellevue Hill at $42,252,860 with 108 properties sold with a median sales price of $5,547,500.

How is stamp duty calculated?

The cost of stamp duty depends on the price of a sold property, which is then taxed at a specific rate. Currently, there are seven stamp duty brackets for residential property, with each bracket taxed at an increased rate.

As a result, properties in areas with high property prices and high sales volumes will have a higher overall total stamp duty paid figure.

According to Revenue NSW, the current stamp duty brackets are:

Property price

Stamp duty rate

$0 to $14,000

$1.25 for every $100 (the minimum is $10)

$14,001 to $30,000

$175 plus $1.50 for every $100 over $14,000

$30,001 to $80,000

$415 plus $1.75 for every $100 over $30,000

$80,001 to $300,000

$1,290 plus $3.50 for every $100 over $80,000

$300,001 to $1 million

$8,990 plus $4.50 for every $100 over $300,000

Over $1 million

$40,490 plus $5.50 for every $100 over $1 million

Over $3 million (residential properties only)

$150,490 plus $7.00 for every $100 over $3 million

Reforms to stamp duty an ‘insult’

Late last year, the NSW government announced it was intending to change the current stamp duty brackets from 1 July 2019, indexing it to the Consumer Price Index.

In response, Tim McKibbin, CEO of the REINSW spoke out against the NSW government’s usage of outdated tax brackets, labelling them as an ‘insult’, as published previously.

“The first tax bracket tops out at, $14,000. I ask rhetorically when was the last time you heard of someone buying a house for $14,000?” he said.

“Yes, indexing is good, and the Treasury says had it been introduced 15 years ago then it would be better now – I agree.

“In fact if it had of been done 32 years ago it would be even better and deliver a far more equitable outcome for the property consumer.”

Instead, Mr McKibbin said the tax brackets should reflect the current median house price and then be indexed.

“To do anything other than that is delivering reform without substance and is just disingenuous political grandstanding,” Mr McKibbin said.

“The government’s own published data sets out clearly the continuing decline in property transactions and consequential stamp duty revenue.

“The irony? There is empirical evidence demonstrating that a reduction in the rate of tax will drive more additional transactions and consequently more revenue for government.”

According to the Real Estate Institute of NSW and CoreLogic, the top 50 suburbs for total stamp duty paid across NSW for the last 12 months to October 2018 are:

Suburb

Median sales price

Total number of properties sold

Total amount of stamp duty paid

1.    Mosman

$4,100,000

315

$90,154,540

2.    Randwick

$2,455,000

252

$43,979,150

3.    Bellevue Hill

$5,547,500

108

$42,252,860

4.    Vaucluse

$5,000,000

122

$39,814,080

5.    Castle Hill

$1,516,000

448

$36,264,810

6.    Paddington

$2,317,500

262

$32,873,155

7.    Ryde

$1,680,000

286

$32,059,820

8.    Maroubra

$2,000,000

247

$31,151,735

9.    Chatswood

$2,220,000

161

$30,621,315

10.   Manly

$3,310,000

70

$30,444,160

11.   Strathfield

$2,615,000

182

$28,234,555

12.   Epping

$1,695,000

196

$26,966,528

13.   St Ives

$1,985,000

229

$26,475,845

14.   Port Macquarie

$575,000

964

$26,362,610

15.   Baulkham Hills

$1,171,000

430

$26,031,845

16.   Cronulla

$2,200,000

99

$24,923,790

17.   St Leonards

$5,489,122

58

$24,026,898

18.   Wahroonga

$1,900,000

241

$23,903,073

19.   Dee Why

$1,672,500

99

$23,872,973

20.   Caringbah South

$1,722,500

228

$23,686,525

21.   Blacktown

$727,000

592

$23,327,010

22.   Woollahra

$3,400,000

101

$23,126,050

23.   Marrickville

$1,377,500

278

$22,926,490

24.   Rose Bay

$3,663,000

72

$22,232,400

25.   Coogee

$2,850,000

65

$22,064,140

26.   Pymble

$2,315,000

165

$21,192,470

27.   Bondi Beach

$2,925,000

63

$21,166,675

28.   Eastwood

$1,850,000

192

$21,057,950

29.   Carlingford

$1,400,000

254

$20,792,585

30.   Balmain

$2,010,000

150

$20,617,910

31.   Hunters Hill

$2,792,500

121

$19,934,858

32.   Cremorne

$3,050,000

54

$19,678,885

33.   Turramurra

$2,000,000

166

$19,616,910

34.   Hurstville

$1,544,000

143

$19,035,765

35.   Avalon Beach

$1,816,000

192

$18,770,605

36.   Leichhardt

$1,465,000

229

$18,605,565

37.   Northbridge

$3,650,000

89

$18,205,590

38.   Lindfield

$2,647,500

98

$18,169,215

39.   Bondi Junction

$2,050,000

113

$17,932,360

40.   Roseville

$2,710,000

107

$17,845,030

41.   Kellyville

$1,180,500

333

$17,776,787

42.   Gladesville

$2,035,000

145

$17,750,875

43.   Drummoyne

$2,150,000

113

$17,538,150

44.   Concord

$2,025,000

151

$17,426,348

45.   Neutral Bay

$2,365,000

49

$17,106,940

46.   Caringbah

$1,370,500

143

$17,038,498

47.   Bronte

$3,850,000

72

$16,824,470

48.   Orange

$395,000

1196

$16,801,860

49.   Surry Hills

$1,733,000

106

$16,797,930

50.   North Bondi

$2,825,000

83

$16,681,875

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