Every week Real Estate Institute of Victoria (REIV) publishes market insights for the past week's Victorian real estate market. It provides statistics and insights that range from recent sales and auction results to long term trends.
We decided to calculate how much stamp duty buyers of Top Houses and Top Apartments must pay to Victorian Government. Here's the results for the week ending May 5, 2019:
Top Houses
| Address | Price | Stamp Duty | Stamp Duty if foreigner |
|---|---|---|---|
| 114 Munnering La PRINCES HILL | $1,906,000 | $104,830 | $238,250 |
| 66 Domain St SOUTH YARRA | $1,905,000 | $104,775 | $238,125 |
| 10 Brewster St ESSENDON | $1,750,000 | $96,250 | $218,750 |
| 19 Red Bluff St BLACK ROCK | $1,745,000 | $95,975 | $218,125 |
| 38 Service St HAMPTON | $1,731,000 | $95,205 | $216,375 |
Top Apartments
| Address | Price | Stamp Duty | Stamp Duty if foreigner |
|---|---|---|---|
| 3/7 Alexandra Av SOUTH YARRA | $1,580,000 | $86,900 | $197,500 |
| 11 Magenta Pl CARLTON | $1,480,000 | $81,400 | $185,000 |
| 14A Mervin St BENTLEIGH EAST | $1,280,000 | $70,400 | $160,000 |
| 2/179 Nepean Hwy ASPENDALE | $985,000 | $54,175 | $123,125 |
| 5/26 Victoria St FITZROY | $985,000 | $54,175 | $123,125 |
Here you go - Government pocketed between $844,085 and $1,918,375 just from 10 sold properties :)
A reminder - foreign buyers must pay 7% extra duty in Victoria and because prices are way over the threshold there is no difference in transfer duty paid among First Home Buyers and non-first home buyers.