From The Real Estate Conversation
Despite the housing affordability crisis being labeled as "the biggest issue" for people in NSW less than two years ago, there was little announced to address the issue at the state budget on Tuesday.
Soaring house prices in recent years saw a $4.3 billion housing affordability package put front and centre in last year’s budget.
This included measures to help out first-home buyers, such as abolishing stamp duty on properties under $650,000, and a number of other measures making it harder for investors and foreign buyers to purchase property.
Sydney house prices took their biggest hit since 2015 this year, with a 2.6 per cent drop over the last quarter.
And now that the housing market is cooling off, the NSW government appears to have halted new measures to improve housing affordability altogether.
“Over the past 12 months housing cooled more quickly than previously forecast,” Treasurer Dominic Perrottet said in his budget speech yesterday.
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