{"id":17130,"date":"2016-06-20T18:33:32","date_gmt":"2016-06-20T11:33:32","guid":{"rendered":"http:\/\/www.siamlandbank.com\/propertynews\/property-news\/buying-a-house-in-sydney-get-ready-for-expensive-stamp-duty\/"},"modified":"2016-06-20T18:39:26","modified_gmt":"2016-06-20T11:39:26","slug":"buying-a-house-in-sydney-get-ready-for-expensive-stamp-duty","status":"publish","type":"post","link":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/buying-a-house-in-sydney-get-ready-for-expensive-stamp-duty\/","title":{"rendered":"Buying a house in Sydney? Get ready for expensive stamp duty"},"content":{"rendered":"


\nProperty Council of Australia calls it a blatant \u201ccash grab\u201d
\nNew houses in Sydney (Image credit: News.com.au)
\nIn efforts to quell a potential property market bubble and plump up government coffers, the Australian state of New South Wales has announced it will be doubling stamp taxes beginning this week.
\nOn 21 June, foreign buyers looking for residential property in Sydney and everywhere else in NSW will need to cough up a 4 percent surcharge atop the current stamp duty. In 2017, overseas buyers will also be slapped with 0.75 percent land-tax surcharge.
\nNSW Treasurer Gladys Berejiklian instituted the changes amid growing concerns that locals are being priced out of homes in Australia\u2019s largest state. Median house prices in Sydney currently hover at AUD996,000 (USD736,900), according to Domain.
\nIf successfully implemented, the new round of surcharges may net the NSW government more than AUD1 billion (USD739 million) over four years.
\nMore: How Sydney real estate became a victim of its own success
\n\u201cThese new measures will ensure NSW\u2019s property market continues to be an attractive destination for international investors while making sure that we are able to fund vital services into the future,\u201d Berejiklian said.
\nData provider CoreLogic noted that Sydney\u2019s median home prices have doubled since 2008, partly on the strength of purchases of Chinese origin, per Bloomberg. According to the Foreign Investment Review Board, Chinese spent AUD24.3 billion (USD17.9 billion) on both commercial and residential property in the year through June 2015, up from AUD12.4 billion (USD9.1 billion) in 2014.
\nEarlier this year, high-profile institutions such as Australia & New Zealand Banking Group and Commonwealth Bank of Australia unveiled new tightening measures on lendings to foreign buyers.
\nThe measures echo the Reserve Bank of Australia\u2019s comments in April that Chinese spending on Australian houses carried with it an \u201cindirect risk.\u201d
\nMore: Another year, another record for Asian outbound investment
\nSydney\u2019s new tax rates mirror recent increases in Melbourne. On 1 July, the state of Victoria will raise the stamp duty for overseas purchasers to 7 percent.
\nVictoria and NSW\u2019s moves have been facing resistance from the Property Council of Australia.
\n\u201cLet\u2019s call this for what it is \u2013 a cash grab from states prepared to play to the crowd on foreign investment and put at risk Australia\u2019s reputation on the global stage,\u201d Glenn Byres, the council\u2019s chief of policy and housing, told the Sydney Morning Herald.
\nRead next: Meet the Sydney-based real estate boss who does his own PR
\n
\nSource : property-report.com
\nRead more…Buying a house in Sydney? Get ready for expensive stamp duty<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

Property Council of Australia calls it a blatant \u201ccash grab\u201d New houses in Sydney (Image...<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"false","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"spay_email":"","footnotes":"","jetpack_publicize_message":"","jetpack_is_tweetstorm":false,"jetpack_publicize_feature_enabled":true},"categories":[1],"tags":[],"class_list":["post-17130","post","type-post","status-publish","format-standard","hentry","category-property-news"],"jetpack_featured_media_url":"","jetpack_publicize_connections":[],"jetpack_sharing_enabled":true,"jetpack_shortlink":"https:\/\/wp.me\/p75ss1-4si","jetpack-related-posts":[{"id":38941,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/a-lesson-in-how-not-to-solve-sydneys-housing-affordability-crisis\/","url_meta":{"origin":17130,"position":0},"title":"A lesson in how not to solve Sydney\u2019s housing affordability crisis","date":"December 23, 2016","format":false,"excerpt":"\r It\u2019s like \u2018trying to put a bushfire out with a hose\u2019 Sydney Opera House during the Vivid Sydney Annual Event in May. Leah-Anne Thompson \/ Shutterstock.com Sydney welcomed 31,000 new homes in the 12 months to October, the New South Wales (NSW) Department of Planning announced Thursday. This is\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":56580,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/australia-targets-foreign-homebuyers-with-new-taxes\/","url_meta":{"origin":17130,"position":1},"title":"Australia targets foreign homebuyers with new taxes","date":"June 1, 2017","format":false,"excerpt":"\r NSW doubles stamp duty for overseas purchasers in latest bid to subdue Sydney prices\r \r Source : ft.com\r Read more...Australia targets foreign homebuyers with new taxes","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":114860,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/overseas-homes-buyers-face-2-stamp-duty-surcharge\/","url_meta":{"origin":17130,"position":2},"title":"Overseas homes buyers face 2% stamp duty surcharge","date":"March 12, 2020","format":false,"excerpt":"\r Estimated annual tax revenues of \u00a3105m will be used to tackle rough sleeping\r \r Source : ft.com\r Read more...Overseas homes buyers face 2% stamp duty surcharge","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":16570,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/new-tax-for-sydney-foreign-buyers\/","url_meta":{"origin":17130,"position":3},"title":"New tax for Sydney foreign buyers","date":"June 15, 2016","format":false,"excerpt":"\r New South Wales will become the second state in Australia to introduce a property tax for foreigners buying homes next week.The 4 per cent stamp duty for foreign buyers comes after four New Zealand banks followed Australia's lead...\r \r Source : nzherald.co.nz\/Property\r Read more...New tax for Sydney foreign buyers","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":112538,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/tory-party-pledges-3-surcharge-for-overseas-buyers-of-english-homes\/","url_meta":{"origin":17130,"position":4},"title":"Tory party pledges 3% surcharge for overseas buyers of English homes","date":"November 22, 2019","format":false,"excerpt":"\r Election promise effectively blames foreign buyers for inflating property pricesThe Conservatives would force overseas homebuyers to pay extra stamp duty in an election pledge that effectively blames foreign purchasers for inflating property prices.The party has unveiled plans for a 3% stamp duty surcharge for non-UK tax residents which would\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":112581,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/overseas-property-buyers-face-uk-stamp-duty-increase\/","url_meta":{"origin":17130,"position":5},"title":"Overseas property buyers face UK stamp duty increase","date":"November 22, 2019","format":false,"excerpt":"\r Conservative Party set to raise surcharge to 3 per cent\r \r Source : ft.com\r Read more...Overseas property buyers face UK stamp duty increase","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]}],"_links":{"self":[{"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/posts\/17130"}],"collection":[{"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/comments?post=17130"}],"version-history":[{"count":0,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/posts\/17130\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/media?parent=17130"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/categories?post=17130"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/tags?post=17130"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}