NSW Property Boom Drives Record Stamp Duty Haul
Although some economists fear the effect of COVID on incoming figures.
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As property prices and transaction volumes continue to rise, the NSW government has collected a record $9.7 billion in stamp duty in the last financial year.
A recent record $930 million in stamp duty was collected in June alone – when 21,000 properties changed hands.
However, some economists warn that Sydney’s extended lockdown could diminish one of the state’s most lucrative revenue sources which saw residents pay $7.9 million in stamp duty on the sale of residential properties in the financial year ending June 20, 2021.
Further, NSW collected $1.8 billion in revenue on the sale of commercial properties this year.
It comes as property prices and transaction volumes rise, with Sydney homes surging 15% in the year to June according to data from CoreLogic. National prices rose at the highest annual growth rate in 17 years.
A rise in transaction volumes saw Sydney’s residential auction volumes surge 81% in June quarter, while Melbourne’s tally was boosted to 51% as sellers rushed to take advantage of the buyer’s market.
This stylish family home combines a classic palette and finishes with a flexible floorplan
Just 55 minutes from Sydney, make this your creative getaway located in the majestic Hawkesbury region.
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Former Google CEO Eric Schmidt is selling his Northern California estate, which was listed Monday for $24.5 million.
Located in Atherton, an extremely affluent town northwest of Palo Alto and about 30 miles south of San Francisco, the 3.36-acre property is made up of three parcels that Schmidt acquired over the years, according to public records and Compass, who has the listing.
Schmidt, 69, and his wife, businesswoman Wendy Schmidt, purchased the main home in 1990 for $2 million, according to public records accessed via PropertyShark. They remodelled the 1969 home in 2007, and at that time, bought a neighbouring parcel of land, allowing an expansion of the main house and the addition of a guest house, according to Compass, who holds the listing. A third parcel was later acquired, on which the Schmidts added an English garden house and landscaped grounds overlooking the Eastern Hills.
“Finding three contiguous parcels in Atherton is rare. Even rarer are those with views of the Eastern hills,” said listing agent Katharine Carroll of the reSolve Group at Compass. “The location of this residence is ultra private, at the back of a cul-de-sac with the main house built into a hillside that provides privacy and very good security.”
Across the estate, there are five bedrooms, five full bathrooms and six half bathrooms.
The 5,265-square-foot main house also offers a number of private outdoor spaces on its upper level, including a large terrace off the primary suite, another large terrace off a secondary bedroom, plus a third smaller terrace and two balconies.
Behind the main house is a patio with a pool and spa. For even more outdoor space, there’s an entertaining pavilion, an open lawn and an outdoor fireplace area near the guest quarters.
The grounds themselves are also a standout feature, with an array of mature plants and specimen trees. The upper portion of the property’s landscaping is designed around an Amdega-designed conservatory, which was imported from the U.K. Around the greenhouse, there is a garden of raised beds and fruit trees, Carroll said.
“From the moment you step onto the grounds, it feels as if you’ve been transported to a private botanical sanctuary,” she said.
Schmidt served as Google’s CEO from 2001 to 2011, and then became the company’s executive chairman until 2015. He could not be reached for comment.
This article first appeared on Mansion Global
Just 55 minutes from Sydney, make this your creative getaway located in the majestic Hawkesbury region.
This stylish family home combines a classic palette and finishes with a flexible floorplan
