THE PROPERTY MARKET WILL NOW DRAMATICALLY CHANGE - FOREIGH PROPERTY BUYERS COMING INTO NSW TO BE HIT WITH STAMP DUTY AND LAND TAX HIKES
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Foreign buyers of property in NSW will be slugged with a 4 per cent stamp duty surcharge from this month and will pay an extra 0.75 per cent land tax from 2017.
The measures are set to be announced by NSW Treasurer Gladys Berejiklian in her second budget on June 21.
Based on the Sydney median house price of $995,804, the stamp duty bill for a foreign investor will increase by almost $40,000 - from $40,305 to $80,137.
If they are buying a unit at Sydney's median price, $656,000, they will pay an extra $26,240 in stamp duty under the changes.
Article written by Sean Nicholls from The Sydney Morning Herald 14th June 2016.
