John Brumby Cashes in on Stamp Duty From Sale of Former Home

Victorian State Treasurer John Brumby can expect to collect more than $52,000 in stamp duty from the sale of a Footscray home he used to live in.

Jas H Stephens real estate director Craig Stephens this week sold the fully renovated 4-bedroom Federation home at 2 Rippon Street for $955,000. Mr Brumby was once a tenant in the property.

The Victorian treasurer must be excited by statistics pointing to a strong upswing in property prices across the city, coast and country. The government copped flack from agents, industry bodies and home buyers when it decided not to revise stamp duty rates during the last property boom six years ago.

The government bowed to public pressure before the state election last year – reducing the amount of stamp duty payable for homes worth less half a million. Those worth more than $500,000 – estimated to be about a quarter of all homes sold in Melbourne – will attract no tax relief.

Rippon Street is the latest in a string of big prices being achieved for Footscray. Last month Hocking Stuart’s Myles Dowling sold a 4-bedroom home at 38 Ballarat Road for $1.3 million, a new record for the suburb.

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