2019 Money Magnet Symposium - Discover how to make, and keep, more money and achieve a financially empowered future
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  • Profile photo of salacioussalacious
    Member
    @salacious
    Join Date: 2003
    Post Count: 373

    What costs have you in your state for selling and buying?

    Profile photo of ducksterduckster
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    @duckster
    Join Date: 2004
    Post Count: 1,674

    Go to the state revenue office web site in each state or google stamp duty calculator
    NSW I think also has a vendors tax also
    then there is real estate agent fees
    Also if investment property Capital gains tax may be payable

    Profile photo of salacioussalacious
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    @salacious
    Join Date: 2003
    Post Count: 373

    Hi Duckster,

    Sorry,probably should explain question better.

    On a $500,000 house in your state how much would it cost (your own home) for example in Queensland,

    Real estate agent fees approximatly.

    In general with selling and then repurchasing an owner/occupier home,

    Agent $14000,00

    stamp duty fees $10,000

    And connections $1000 to $1500

    Total around $25,000

    Queensland Real Estate Commission Table

    Sale Price   Comm + GST Total
    $155,000 = $4,325 $433 $4,758
    $160,000 = $4,450 $445 $4,895
    $165,000 = $4,575 $458 $5,033
    $170,000 = $4,700 $470 $5,170
    $175,000 = $4,825 $483 $5,308
    $180,000 = $4,950 $495 $5,445
    $185,000 = $5,075 $508 $5,583
    $190,000 = $5,200 $520 $5,720
    $195,000 = $5,325 $533 $5,858
    $200,000 = $5,450 $545 $5,995
    $210,000 = $5,700 $570 $6,270
    $220,000 = $5,950 $595 $6,545
    $230,000 = $6,200 $620 $6,820
    $240,000 = $6,450 $645 $7,095
    $250,000 = $6,700 $670 $7,370
    $260,000 = $6,950 $695 $7,645
    $270,000 = $7,200 $720 $7,920
    $280,000 = $7,450 $745 $8,195
    Sale Price   Comm + GST Total
    $290,000 = $7,700 $770 $8,470
    $300,000 = $7,950 $795 $8,745
    $310,000 = $8,200 $820 $9,020
    $320,000 = $8,450 $845 $9,295
    $330,000 = $8,700 $870 $9,570
    $340,000 = $8,950 $895 $9,845
    $350,000 = $9,200 $920 $10,120
    $375,000 = $9,825 $983 $10,808
    $400,000 = $10,450 $1,045 $11,495
    $425,000 = $11,075 $1,108 $12,183
    $450,000 = $11,700 $1,170 $12,870
    $475,000 = $12,325 $1,233 $13,558
    $500,000 = $12,950 $1,295 $14,245
    $525,000 = $13,575 $1,358 $14,933
    $550,000 = $14,200 $1,420 $15,620
    $575,000 = $14,825 $1,483 $16,308
    $600,000 = $15,450 $1,545 $16,995
    $625,000 = $16,075 $1,608 $17,683
    $650,000 = $16,700 $1,670 $18,370

    And for stamp Duty in Queensland as an example to purchase an owner/occupier home

    Purchase Price : $500,000

    Loan Amount : $300,000

    State/Territory : Queensland

    Stamp Duty On Transfer Of Land : $8,750

    Registration of Transfer of Land :$966

    Stamp Duty On Mortgage :$460

    Registration of Mortgage :$124

    Total Fees and Duties :$10,300

    http://www.nmb.com.au/nmb/brokerweb/calculators/stampduty.asp

    Then the phone connection when you move in and electricity charge,

    Telephone line connection
    A working telephone socket exists from a previous connection and a Telstra technician is not required to visit your property or premises.
       
    Standard Connection $59.00 $59.00
    Temporary Connection* $159.00 $159.00
    Telephone line connection with a technician visit
    A previous telephone service existed at your premises and a Telstra technician is required to visit your property / premises to reconnect existing suitable cabling at the distributor and / or the first socket.
       
    First Connection    
    Standard Connection $125.00 $75.50
    Temporary Connection* $225.00 $175.50
    Telephone line connection
    (a) New telephone line connection – a telephone service has not previously been connected at your property or premises (although we may have previously installed cabling to your property or premises and you may be able to hear a dial tone); or
    (b) Telephone line connection with a technician visit with cabling work – a previous telephone service existed at your property or premises and a technician is required to visit your property or premises to install and / or work on the cabling up to the first socket in the property or premises.
       
    First Connection    
    Standard Connection $299.00 $179.00
    Temporary Connection* $399.00 $279.00
    Second network termination device for services provided over Telstra Velocity    
    Standard Connection $299.00 $179.00
    Temporary Connection* $399.00 $179.00

    With electricity could not get a straight answer as there are many companies with different tariffs and it depends on where you are moving.And i did not include moving costs and rental costs (accommodation) during the process

    Not sure about land tax either. In my opinion the costs are ridiculous and i would slap that on the sale of my property to cover it.

    Hope that clarifies it a little.

    Dom

    Profile photo of lifeXlifeX
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    @lifex
    Join Date: 2004
    Post Count: 651

    Dom,
    In Vic, you would likely give the Agent 5% commission just for selling the place.

    You would pay 5-6% in government costs to buy the new house (about double Qld. Stamp Duty Rates)

    Moving costs and incidentals would be insignificant.

    … And Just to confuse you more, consider market moves.

    If you sell and then start looking for a new place, what happens if the house market price goes up 10-20% ?

    What if you buy the new place and then can’t sell, you may have interest rate expenses on 2 mortgages. Imagine if interest rates spike 10%.

    Ideally, if you could sell your place for a good price and buy the new place at a discount in a flat or declining market with stable interest rates… this would effectively recover the cost of the move.

    The other thing I would consider, is how desirable the new house is. If it is a better/bigger house in a more popular suburb, the long term capital growth may far outweigh the transaction costs sting.

    Don’t miss the forest for the trees, the costs at the time of change may hurt, but could be insignificant in the long term gains of a better property.

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