With the New Marginal Buyer's Stamp Duty (BSD), we are going to find out the increment and its impact on the residential properties.
On or after 15 Feb 2023, the New BSD rates for Residential Properties apply:
It will be based on the purchase price of the property.
First $180,000: 1%
Next $180,000: 2%
Next $640,000: 3%
Next $500,000: 4%
Next $1,500,000: 5%
Remaining amount: 6%
Based on the new rates, residential properties that are below $1.5m, the BSD remains unchanged.
At $1.6m, the BSD difference is $1,000 more than the old BSD rates.
At $2m, the BSD difference is $5,000.
At $5m, the BSD difference is $55,000.
At $10m, the BSD difference is $155,000.
Hence, for buyers who are buying $1.5m and below, the BSD payable remains unchanged. For $3m property purchase, you will face marginal BSD increment.
Since the announcement of the new buyer stamp duty, we observe there are still high value properties above 5million being transacted. As such we do think that 2023 will be an interesting year where we see the upward and downward pressure of prices acting on each other which gives opportunity for buyers and sellers to secure good purchases within the right window.
Feel free to chat with us if you want to find out more about the property market trend.
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