NSW Property Boom Drives Record Stamp Duty Haul
Although some economists fear the effect of COVID on incoming figures.
Although some economists fear the effect of COVID on incoming figures.
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.
The home in the village of Sagaponack has plenty of balconies to take in the surrounding water views
A waterfront home in the Hamptons village of Sagaponack, New York, is on the market for the very first time.
Asking $25.95 million, the gray shingle-style home was built in 2008 by the seller and has since been available as a summer rental, but it’s never been up for sale.
Designed by architect Faruk Yorgancioglu, the “waterfront home offers privacy and panoramic beauty that cannot be duplicated under today’s zoning laws,” said co-listing agent Marilyn Clark of Sotheby’s International Realty – Bridgehampton Brokerage.
The seller bought the property, which at the time had two small structures, at auction in 2005 for approximately $2 million, according to co-listing agent Deborah Pirro of Daniel Gale Sotheby’s International Realty. Mansion Global could not contact the seller.
The home hit the market Thursday, and in addition to Clark and Pirro, it is co-listed by Raquel Lopez of Sotheby’s International Realty – Bridgehampton Brokerage and Diane Anderson of Daniel Gale Sotheby’s International Realty.
Spanning 6,000 square feet, the home is filled with bright interiors, which were designed by New York-based interior designer Steven Gambrel. The open gourmet kitchen flows into a casual dining area and a living space with a fireplace, which is one of two double-sided fireplaces in the home, Pirro said.
“The placement and scale of fireplaces throughout the home is perfection,” she added.
A separate dining room has French doors that open onto a deck, listing photos show.
There are six en-suite bedrooms, including two primary bedrooms. The larger of the two is its own private retreat, outfitted with a fireplace, a sunroom and a large balcony, offering a space to watch the sun set over Sagaponack Pond, according to Sotheby’s.
The home sits on a little more than an acre of waterfront land, bordering Sagaponack Pond, where there’s a private dock, and looking out at the Atlantic Ocean in the distance.
“The location on the pond with the view of the ocean waves breaking is spectacular and unique,” Clark said. “You are close to beaches and the Sagaponack General Store. It is a quick paddle to the famous Sagg Main Beach.”
Other outside amenities include a gunite swimming pool and a hot tub, which are surrounded by a spacious deck, as well as a pool cabana, which has a full bathroom, changing rooms and a sauna. There’s also multiple balconies, decks and a screened porch overlooking the pool, striking a balance between indoor and outdoor living.
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Just 55 minutes from Sydney, make this your creative getaway located in the majestic Hawkesbury region.