House prices (and stamp duty) more than double in past decade

House prices (and stamp duty) more than double in past decade
Enzo RaimondoDecember 8, 2020

A review of some market indicators over the past 10 years shows that a lot has changed in the past decade.

In the June quarter this year the median Melbourne house price was $590,000, which is 103% higher than the $291,000 recorded in the June quarter 2001.

A decade ago the stamp duty payable was $13,120, which is 132%than the $30,470 that was payable on the median house if purchased in the June quarter this year. Unlike a decade ago, first-home buyers can now benefit from a 20% reduction on this bill for most homes.

However, the first-home owner’s grant was valued at $7,000 in 2001 and is still valued at $7,000.

According to the Australian Bureau of Statistics, the average home loan to a non-first-home buyer was $291,200 in June this year, 99% more than the $146,500 recorded in June 2001.

The median price of a house in Toorak was $2,175,000 in the June quarter this year, 105% higher than the $1,062,500 in the June quarter a decade ago.

In more affordable Broadmeadows the median was $370,500 in this year’s June quarter, a substantial 219% higher than the $116,000 in the June quarter 2001. This is indicative of a trend that the more affordable suburbs have increased in value more rapidly.

And finally, in the City of Ballarat the median house price has increased by 122% from $130,000 a decade ago to $288,500 in the most recent June quarter.

Enzo Raimondo is the CEO of the Real Estate Institute of Victoria.

Enzo Raimondo

Enzo Raimondo is CEO of the Real Estate Institute of Victoria.

Editor's Picks