The Real Estate Institute of South Australia (REISA) is calling for home price guides in SA to be more transparent and include all associated charges.
If home buyers are unaware of the extra charges, they are in for a nasty surprise as SA currently has the second highest fees in the country.
The largest of these charges is stamp duty, but there are also fees for lodgment and transaction.
It adds up.
For example, buying a property for Adelaide’s median house price ($445,000), a buyer would face around $18,500 in stamp duty and $3,500 in lodgment and transaction fees.
If a $565,000 house was purchased in each state, the buyer in Victoria would come out worst, unless they were a first home buyer, who pays absolutely nothing.
A non-first home buyer in Victoria would pay around $30,000 in stamp duty and transfer fees.
The SA buyer would be stuck with a bill for $28,655.75, the second highest in the land.
Excluding first home buyers in Victoria and New South Wales, the buyer to come out best would be in Queensland.
A $565,000 purchase in Queensland would incur just under $13,000 in charges.
“Stamp duty is the hidden gold for the Treasurer but a living nightmare for those buying, particularly for first home buyers, making affordability even tougher,” said REISA President Greg Troughton.