Budget 2023: Buyer's stamp duty to increase for higher-value properties

The rise in the buyer’s stamp duty for properties of higher value— both residential and commercial— is certainly one of the Budget 2023 talking points many have taken interest in. How would this affect your plans to buy your new home?

If the price tag of the house you have your sights set on, is more than $1.5 million but not anything above $3 million, the tax imposed would now be at 5%, up from 4%. A property that costs over $3 million, on the other hand, will be taxed 6%.

Worried about how it could mean a higher price point for your new home? The new buyer’s stamp duty is expected to be applicable to some 15% of homes.

Get in touch with us at Wonder Homes, and we will help you work out your property journey.