Housing Taxes and Fees Surge, Adding Hundreds of Thousands to The Price of New Homes

Some home buyers are paying up to half the cost of a house and land package in government taxes and fees, as high charges add to the housing crisis.

The taxes and fees also accrue interest over time, meaning the extra charges gradually cost a buyer more than the actual home. Africa Studio/Shutterstock

A new report released by the Housing Industry Association (HIA) claims Sydney-siders are forking out $576,000—around half the cost of their purchase—in taxes and fees when buying new house and land packages.

In Melbourne, those fees add up to $373,000, while Brisbane house and land packages will set buyers back $348,000.