NSW budget fails home buyers: REINSW


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.

Link to full article 

https://www.therealestateconversation.com.au/news/2018/06/20/nsw-budget-fails-home-buyers-reinsw/1529460251 

 

Sharon Taylor
Senior Research Analyst - Performance Property Advisory

Sharon heads up the research division at Performance Property Advisory. As part of our ongoing service to clients, Sharon provides contemporary advice in a range of areas, including growth suburbs and regions, demographics and employment rates, proposed infrastructure developments and other aspects that will contribute to a positive return on their investment.