- 26,137 dutiable transactions recorded in June 2021 - highest on record
- $1.16B collected last month was $370M more than predicted
- Means almost $10B was collected in stamp duty last financial year
A record number of dutiable transactions last month has reinforced the importance of the real estate industry to the New South Wales economy, argued Real Estate Institute of New South Wales (REINSW) CEO, Tim McKibbin.
There were 26,137 dutiable transactions recorded in June 2021 – the highest number ever recorded in any month in the online history of Revenue NSW.
The value of stamp duty collected was $1,161,990,994 – the second-highest amount collected in any month according to Revenue NSW’s online records.
This is $370 million more than what Treasurer Dominic Perrott predicted.
“A month ago, when the NSW Budget was handed down, it was clear the real estate industry was rescuing the economy. However new figures show that the rescue effort has been even more profound than first realised,” said Mr McKibbin.
For the full financial year 2020-21, transfer duty revenue was $9,748,371,524.
“It’s clear that the COVID recovery is being led by the real estate industry. This reinforces some obvious points,” argued Mr McKibbin.
Firstly, Mr McKibbin believes the NSW government needs to work constructively with the industry.
Secondly, he believes consumers need to have greater confidence in how real estate is bought sold and regulated.
He argued this can be assisted by the Property Services Council Bill 2021 – legislation the institute strongly supports.
“The Bill, which has passed the Upper House and will be debated in the Lower House when Parliament is in a position to resume, will create a better environment for engagement between consumers, the industry and Government.”
Tim McKibbin, REINSW CEO
“It will promote the development of good policy to address issues before they cause consumers harm. It will also mean the state’s economic powerhouse will be overseen by a regulatory authority exclusively focused on the industry.”