Stamp duty is five times more expensive than a generation ago

The burden of stamp duty has surged fivefold in just one generation, hindering individuals from relocating, switching jobs, and even starting families, according to recent research conducted by the e61 Institute and PropTrack.

The study reveals that, when adjusted for inflation, the substantial increase in property transfer duties imposed by state and territory governments now amounts to five months' worth of income for an average full-time worker, as highlighted by Nick Garvin, research manager at e61.

In the case of Sydney, stamp duty for a home with a median price has skyrocketed fivefold, witnessing a rise of $44,500 or half a year's income.

Surveying 3,000 Australians, e61 found that elevated stamp duty has compelled 25% of individuals under 40 to postpone job changes, one in five individuals aged 30 to 40 to delay starting families, and people of various ages to reconsider relocating residences.

This trend of delaying significant life decisions due to stamp duty is a source of concern for the Australian economy, as it contributes to a slowdown in productivity.