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This booming real estate market, which is resulting in record sums of stamp duty being paid into State Government coffers, has prompted another call by the REIV for stamp duty indexation.
The Government received a record $2.96 billion in stamp duty payments for the 2006/07 financial year, up a staggering 27 per cent on the $2.34 billion it received two years ago.
Mr Raimondo said the State Government this year collected an additional $112 million in stamp duty payments than it initially forecast in May. This is despite stamp duty cuts applied in January, which save homebuyers up to $2,800.
The situation is only getting better for the Government, after Melbourne’s median house price increased 11 per cent for the June quarter, to $420,000. At that price, Victorians pay an average $20,860 in stamp duty, compared to New South Wales ($14,390) and Queensland ($13,175).
An analysis of budgeted, and actual stamp duty payments the Government has received over the last four financial years, show Premier Brumby has received an average $456 million per year more than he expected.
The REIV has previously asked the Government to consider a system of indexation as property prices increase, and to adjust tax threshold levels in line with these increases.
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