Housing costs deter downsizing, changing jobs and having children
The soaring cost of stamp duty is making more Australians think twice about major life decisions
2 min
Housing costs, including a five–fold increase in stamp duty in just one generation, are dissuading Australians from rightsizing their homes at different stages of life, changing jobs and having children. A new report by economic research firm e61 Institute found a quarter of Australians under 40 years of age have delayed changing jobs and more than one in five aged 30 to 40 years have put off having children due to the costs of changing homes.
The research is based on a survey of 3,000 Australians conducted last year that asked them a series of questions on their attitudes toward housing. It also found that almost 25 percent of family homeowners aged 50 or older who own properties with more bedrooms than household occupiers are putting off downsizing specifically to avoid the transfer tax.
While the cost of moving encompasses many expenses, the research shows stamp duty is an outsized component that has increased considerably since the early-to-mid 1980s amid property prices rising exponentially. The typical stamp duty bill now equates to an average of five months’ worth of take-home pay.
In Sydney, a median-priced home demands $44,500 in stamp duty, which is a 5.4-fold increase in four decades. Stamp duty in Melbourne is $42,500, which is a 6.1-fold increase and the largest among the cities. In Brisbane, the median property purchase demands $25,900 in stamp duty from investors, which is a 5.5-fold increase. But current concessions for owner-occupiers in Queensland reduce this to $18,700.
The report notes that deterrents to moving hurt people’s wellbeing directly and indirectly.
“The direct costs are about being held back from a better-suited home — like closer to family, work, schools or other amenities, or a more appropriate amount of space,” the report states. “The indirect costs play out in the aggregate. Holding back people from changing jobs can weaken productivity, which can dampen wage growth and bolster inflation. And when people don’t downsize, scarce housing runs short.”
Abolishing stamp duty was the most popular option chosen by respondents when asked about their main priorities for state and territory housing policies.
Dr Nick Garvin, e61 Institute’s research manager, said: “Governments and policymakers must consider the unpopularity of stamp duty, and the indirect impacts stamp duty has on various other parts of the economy and people’s lives.”
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More than 10,000 homes, an expansive central park and a mix of hospitality, retail and wellness facilities will form Azizi Developments’ first master-planned community in the emirate.
2 min
Sharjah is set to receive one of its largest new residential communities, with Azizi Developments unveiling plans for a US$8.1 billion master-planned precinct containing more than 10,000 homes.
Named Azizi Florence, the freehold development will comprise 1,130 villas, more than 6,000 townhouses and 3,500 apartments. Three-bedroom townhouses will start from US$515,000, with an indicative rate of US$231 per square foot of saleable space.
The project marks the Dubai-based developer’s first move into Sharjah, expanding a portfolio that includes the planned Burj Azizi skyscraper and the Azizi Venice community in Dubai.
A park at the heart of the community
Rather than treating landscaping as an afterthought, Azizi Florence will be organised around a 1.7 million sq ft central park.
The wider precinct is planned as a self-contained neighbourhood combining homes with retail, hospitality, education, leisure and wellness facilities.
Six residential clusters will sit within the development, each with its own park, clubhouse, community centre and landscaped gardens. The approach reflects a broader shift across large Middle Eastern developments, where greenery, recreation and everyday convenience are increasingly central to the residential proposition.
The scale of Azizi Florence suggests it is intended to function as a neighbourhood rather than a collection of housing estates. Its mix of housing types should also give the project broader appeal, accommodating apartment buyers alongside families seeking townhouses or standalone villas.
Azizi expands beyond Dubai
Azizi Developments has delivered more than 45,000 homes to buyers from over 100 countries and says it has approximately 150,000 units under construction.
Much of its growth has been concentrated in Dubai, where its portfolio extends across Palm Jumeirah, Mohammed Bin Rashid City, Dubai South, Sheikh Zayed Road and Downtown Jebel Ali.
Its most prominent current project is Burj Azizi, which is intended to become the world’s second-tallest building. Azizi Florence represents a different type of undertaking: a low-rise, family-oriented community built around public space and daily amenity.
For company founder and chairman Mirwais Azizi, the Sharjah project also carries a personal connection. The emirate was his first home in the UAE more than three decades ago, adding a symbolic dimension to the developer’s expansion.
Sharjah’s residential ambitions grow
Although Dubai and Abu Dhabi have traditionally captured much of the international attention directed at the UAE property market, Sharjah has been steadily broadening its residential offering.
Large freehold communities such as Azizi Florence have the potential to attract both local families and international purchasers looking for comparatively accessible entry points into the Emirates’ property market.
At a starting price of US$515,000, the project’s three-bedroom townhouses will sit well below the cost of equivalent family homes in many of Dubai’s more established luxury communities.
The ultimate appeal, however, will depend on execution. At this scale, the quality of the public realm, connections between residential clusters and delivery of the promised supporting infrastructure will be as important as the homes themselves.
If those elements come together, Azizi Florence could help establish a new benchmark for large-scale residential development in Sharjah—and give buyers another option beyond the UAE’s better-known property markets.
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