Mosman was the #1 suburb for total stamp duty paid over the last 12 months to October 2018 according to the data from CoreLogic that was commissioned by the Real Estate Institute of NSW. A total of 315 properties were sold with a median sales price of $4,100,000 which saw a stamp duty payment of $90,154,540.
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 in New South Wales, 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.
For example median sales price of $4,100,000 in Mosman would see a $227,490 paid in stamp duty.
TOP 10 suburbs
According to the Real Estate Institute of NSW and CoreLogic, the top 10 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|
|3. Bellevue Hill||$5,547,500||108||$42,252,860|
|5. Castle Hill||$1,516,000||448||$36,264,810|