There is no tax payable on selling your home in Australia, unless it is a second home or investment property, or you purchased it before 1985 (in the case of in

There is no tax payable on selling your home in Australia, unless it is a second home or investment property, or you purchased it before 1985 (in the case of investments). Council rates are assessed on unimproved land value - which usually lags well behind actual land market value, and far below actual house & land value. Most people pay more for electricity than they do for council rates. I live near several old-lady-millionaires who moved into coastal properties on retirement - husbands have passed away and they are still in the homes 30+ years later. But they have no intention of moving and cashing in, and despite presumably modest incomes, have no problems paying the rates, which add up to about $40-50 per week. I also suspect their children aren't keen on them selling up.