Embargoed until 12:01am Monday 13 December, 2010
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1 MEDIA RELEASE Embargoed until 12:01am Monday 13 December, 2010 NT home buying misery work two months to pay stamp duty The rising Territory property market has delivered another blow to home buyers who have to work on average two months just to pay residential stamp duty, according to new research by Bankwest. The second Bankwest Residential Report reveals residential stamp duty for buying the typical NT house is now $19,430 an increase of $11,717 (152%) over the past five years the biggest percentage increase of any state or territory. The thresholds for residential stamp duty in the Northern Territory for owner occupiers have increased during the past five years. However, this increase has not kept pace with house price inflation and seen the stamp duty bill for purchasing the median house in the Northern Territory rise from 2.9% of the median house price in September 2005, to 4.0% in September The NT government has raised $513m from stamp duty on property purchases for both residential and commercial property - over the five years to June In the two years since Bankwest s inaugural stamp duty research, median stamp duty bills have increased in seven out of eight capital cities, led by a 47% rise in median stamp duty bills in Melbourne and a 40% rise in Darwin. Bankwest Retail Chief Executive, Vittoria Shortt said the sustained rise in stamp duty bills was an ever escalating burden for home buyers. There s little doubt that stamp duty is among the most unpopular duties a home owner encounters and our research shows they are a significant financial add on to the cost of a property, Ms Shortt said. Most homeowners in Darwin now need to set aside or borrow two and a half months of their household if they want to move house. As a result, many people may be tempted to stay put and renovate rather than move house because of high stamp duty bills. All states and territories offer stamp duty concessions for first time buyers and there have been concessions for new home buyers which also helps. But people already in the property market who are looking to upgrade in their area are generally facing higher bills. Capital city dwellers face the biggest burden with the typical home owner in more than half of capital city council areas (53%) now needing to set aside at least three months of their annual household to pay the median stamp duty bill in their area. Bankwest compared the median stamp duty bill (based on the median house price) in 539 local government areas (LGAs) in Australia with the local household of home owners to calculate the stamp duty burden associated with buying a house. There are no LGAs in the Northern Territory where the median stamp duty bill was higher than 25% of household in September 2010, compared to 17% of LGAs nation-wide. 1
2 The highest stamp duty bills in the Northern Territory as a percentage of household are in Darwin (23%) and Litchfield (22%). The lowest stamp duty bills in the Northern Territory as a percentage of household are in Tennant Creek (1%) and Katherine (9%). Home buyers in Palmerston have seen the biggest increase in their residential stamp duty bill as a percentage of household s over the past five years, a rise of 11 percentage points. On a national average, stamp duty payable on the median house is equivalent to 3.3% of the purchase price. By capital city stamp duty is highest in Melbourne at 5.2% of the purchase price for the median house and lowest in Brisbane at 1.6%. The average Australian home buyer forked out 18.4% of their household to pay stamp duty over the past year to September In Melbourne typical bills equate to more than one third of annual household, while in Sydney they are more than 25% of annual household. A full list of stamp duty results for all 539 LGAs across Australia is available in the Bankwest Residential Report 2010 and at The Bankwest Residential report is compiled using data from the ABS, State Government Revenue Offices, and Residex. Major findings Stamp duty bills has risen by more than 50% in five capital cities in the past five years - Darwin (137%), Canberra (82%), Brisbane (77%), Melbourne (76%) and Adelaide (60%) Melbourne home owners need to set aside 4.4 months of their annual household to pay stamp duty for median priced properties, the highest in the nation. Sydney ranks second, at 3.2 months. Brisbane home buyers pay the lowest stamp duty, having to set aside one month s salary. The typical home owner in more than half of capital city LGAs (53%) needs 25% of their annual household to pay the median stamp duty bill - up from 47% a year ago. Nationally, the typical home owner in 17% of council areas now needs 25% of their household to pay the charge - up slightly from 16% five years ago. Western Australia and Victoria are the only state to have raised stamp duty thresholds to match the rise in house prices in the past five years. Queensland has the lowest stamp duty bills as a percentage of median purchase price at 1.4%. Victoria has the highest stamp duty as a proportion of the median price at 4.3%. Nationwide, stamp duty as a percentage of household is highest in Peppermint Grove, WA (132%) and Mosman, NSW (91%). By capital city the lowest stamp duty burden is in Brisbane, Hobart and Darwin where there are no local council areas with an average stamp duty of more than 25% of household. 2
3 Media Inquiries: David Walsh, Media Manager, Adrian Bradley, External Communications Manager, or About Bankwest Bankwest provides personal and business banking solutions for more than one million customers across Australia. Bankwest customers enjoy access to an extensive network of stores and business centres, direct and third party distribution channels, agencies and electronic banking facilities, as well as 24-hour telephone and internet banking. In 2010, Bankwest was chosen as the AFR Smart Investor Blue Ribbon Awards 2010 Bank of the Year. Bankwest is a wholly owned subsidiary of the Commonwealth Bank (Group). Table 1 residential stamp duty bills by state Stamp Duty Bill $ (Sep 2010) 1 yr % 2 yr % 5 yr % % of purchase price (Sept 2010) House price $ NSW 16,865 5% 14% 20% 3.6% 475,000 VIC 19,690 16% 27% 38% 4.3% 462,000 QLD 5,985 0% 5% 80% 1.4% 421,000 SA 14,630 5% 9% 57% 4.0% 366,000 WA 15,889 0% -8% 30% 3.5% 460,500 TAS 9,730 1% 10% 42% 3.2% 304,500 ACT 22,685 15% 22% 82% 4.2% 538,000 NT 19,430 14% 47% 152% 4.0% 487,500 Australia 14,761 8% 14% 36% 3.3% 441,500 Table 2 residential stamp duty bills by capital city Stamp Duty Bill $ (Sep 2010) 1 yr % 2 yr % 5 yr % % of purchase price (Sept 2010) House price $ Sydney 25,325 10% 20% 30% 3.8% 663,000 Melbourne 30,620 31% 47% 76% 5.2% 592,500 Brisbane 7,245 2% 6% 77% 1.6% 457,000 Adelaide 16,630 6% 11% 60% 4.1% 406,000 Perth 17,575 4% -2% 30% 3.5% 496,000 Hobart 13,210 9% 13% 49% 3.4% 391,500 Canberra 22,685 15% 22% 82% 4.2% 538,000 Darwin 22,153 11% 40% 137% 4.3% 521,000 3
4 Table 3 a percentage of household by capital city % of household (Sept 2005) % of household Percentage point over 5 years Sydney 28.6% 27.1% -1.5% Melbourne 28.0% 36.8% 8.9% Brisbane 6.7% 8.3% 1.6% Adelaide 18.5% 22.0% 3.5% Perth 22.3% 19.8% -2.6% Hobart 16.5% 18.1% 1.5% Canberra 16.4% 20.6% 4.2% Darwin 12.8% 21.9% 9.1% Table 4 Stamp duty bills as a percentage of household by statistical district in NT LGA Region/ City House Price $ Bill $ as % of purchase price as % of household Darwin Darwin 563,000 24, % 23.4% Litchfield Darwin 501,500 20, % 21.8% Palmerston Darwin 477,500 18, % 18.8% Alice Springs NT - Bal 438,000 15, % 16.2% Katherine NT - Bal 320,000 8, % 8.9% Tennant Creek NT - Bal 163, % 0.9% EDITORS NOTES Stamp duty calculations The median stamp duty bill by local government area (LGA) has been calculated by multiplying the median house price by the relevant stamp duty threshold for home purchases of existing properties in each state. (See below for thresholds). Stamp duty bills have been calculated as September 2010, 2009, 2008 and The median stamp duty bill in each LGA has then been compared to the annual household of home owners in the LGA to calculate stamp duty as a percentage of household. House price data used in this analysis has been sourced from Residex and refers to median house prices for the years to September 2010, 2009, 2008 and Household data used in the analysis has been sourced from the ABS census (2006 and 2001) and refers to the average household of owner occupiers by LGA. Data has been uprated to Sept 2005, 2009 and 2010 using the increase in the Wage Price Index by state over the relevant period. 4
5 539 LGAs have been analysed across Australia in this report. In the ACT statistical divisions have been used in place of LGAs. Note: Stamp duty bills for first time buyers have not been examined in this analysis. There are significant stamp duty concessions and exemptions that exist for first time buyers by state and territory. Additionally, any concessions for new home buyers have not been examined. Residential stamp duty concessions exist for pensioners in some states and these have not been taken into account in the analysis. Data on property stamp duty revenue has been sourced from ABS Taxation Revenue Residential stamp duty thresholds for home owners in the Northern Territory Duty is calculated on the purchase price or unencumbered value of the dutiable property, whichever is the greater, as follows: Where the dutiable value does not exceed $ in accordance with the follow formula: D = ( x V 2 ) + 15V Where D = the duty payable in $ and V = the dutiable value 1000 Where the dutiable value exceeds $ per cent of that amount. Additionally there is a primary residence stamp duty discount of up to $3,500 in
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