Australian homeowners are struggling under the burden of increasing stamp duty with results from the bankwest Residential Stamp Duty report indicating stamp duty has risen 59 percent over the past five years.
According to the survey, homeowners have to set aside at least 20 percent of their annual income to cover the increasing costs, with Sydney and Melbourne hit the hardest, with homeowners having to set aside three months of their salary to pay stamp duty for median priced properties.
Chief executive of bankwest retail Ian Corfield, believes that more needs to be done to ease the pressure for homeowners.
“This is the downside of the house price boom that has pushed up stamp duty bills and burdened homeowners across the country with additional tax expense.”
