Victorians continue to pay the price for the Allan Government’s record property taxes with new figures revealing homebuyers are paying almost six times as much stamp duty compared to the previous generation.
A new report from PropTrack and e61 Institute has found the stamp duty costs on the median Melbourne house is now $49,700 – up from just $1,300 in the 1980s.
After accounting for changes in median post-tax income, this represents an almost six-fold increase and comes as the Victorian Parliamentary Budget Office found Victoria has the highest property taxes of any state in the nation.
Shadow Minister for Home Ownership and Housing Affordability, Evan Mulholland, said: “Record property taxes, including escalating stamp duty, are a real-world consequence of Labor’s financial mismanagement.
“Under Labor, Victoria is broke and homebuyers are being made to pay the price for a government that has simply run out of money.
“In the middle of a housing affordability crisis, Labor’s only plan is for ever increasing property taxes and will push dreams of home ownership even further out of reach for hardworking Victorians.”
