Stamp Duty is Holding Australia Back: Dr. Nicola Powell on Why We Need Bold Reform
Property Investment, Success & Money | The Michael Yardney Podcast
Release Date: 09/03/2025
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info_outlineAustralia’s housing market is under pressure from many directions, but one of the most overlooked barriers is stamp duty. Once a relatively modest transaction cost, stamp duty has ballooned into one of the biggest financial hurdles for homebuyers.
Just to give you an idea – in Sydney, stamp duty on a median-priced house has gone from around 45% of a household’s disposable income in 2000 to 120% today.
And it’s not just buyers who are suffering. Stamp duty distorts housing decisions, locks people into homes that no longer suit them, and acts as a handbrake on productivity.
Today, I'm joined by Dr Nicola Powell, Chief of Research and Economics at Domain, whose recent report makes a compelling case for replacing stamp duty with a fairer, broad-based land tax.
Whether you're a property investor, a home buyer, or just somebody who's interested in the housing markets, I'm sure today's chat with Dr Nicola Powell will give you a new perspective as I also want to discuss their latest report on who has profited from property over the last few years.
Takeaways
· A growth mindset is essential for success in property investment.
· Stamp duty presents significant financial barriers for home buyers and investors.
· The burden of stamp duty has increased over time, affecting housing mobility.
· Capital gains tax on family homes could discourage movement and exacerbate housing issues.
· Stamp duty is economically inefficient, costing more in lost activity than it raises.
· Housing misallocation is a significant issue in Australia, with many living in homes that exceed their needs.
· Consumer confidence is a key driver of property market trends and price growth.
· Longer holding periods for properties generally lead to greater capital gains.
· Location plays a crucial role in property investment success.
· Reform of stamp duty is necessary for improving housing mobility and economic productivity.
Chapters
01:58 Introduction
05:14 Australians Holding Their Homes for Longer
08:07 How Stamp Duty Deters People from Moving
09:56 The Inefficiency of a Stamp Duty
11:34 The Caveats of a Stamp Duty Reform
14:02 Recent Domain Report Results
18:35 The Confidence has Come Back into the Market
Links and Resources:
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Dr Nicola Powell, Chief of Research and Economics at Domain https://www.domain.com.au/news/author/dr-nicola-powell/
Domain’s property profit and loss report:
https://www.domain.com.au/research/profit-and-loss-report-1410018/
Domain’s Stamp Duty suggestions:
https://propertyupdate.com.au/stamp-duty-is-holding-australia-back-why-we-need-bold-reform/?
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