Buyers are paying higher prices AND higher stamp duty.
The only thing worse than knowing that you have a big bill to pay, is not knowing you have a big bill to pay. This would sum up how the stamp bill applies to many home buyers. They know that stamp duty exists, they know it's going to be large, yet still get bill shock when the time to pay it arrives.
One of the main reasons that the stamp duty bill gives so many buyers bill shock, is because the amount payable accelerates as prices rise.
At $400,000, the stamp duty payable by a home buyer is $13,490 or 3.37%.