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Hear the latest weekly insights into the property market via podcast by Rich Harvey, CEO and founder of Propertybuyer.

 
Fri 29 Nov '24 with Rich Harvey How to Make Better Financial Decisions
 
 
Fri 15 Nov '24 with Rich Harvey How Will the Future of the Real Estate Industry Evolve?
 
 
Fri 1 Nov '24 with Rich Harvey Sydney’s Lower North Shore - Perspectives and Insights
 
 
Fri 20 Sep '24 with Rich Harvey How to Invest or Buy Commercial Property
 
 
Fri 6 Sep '24 with Rich Harvey Breaking Gender Barriers, Creating Empathy & Other Empowering Strategies
 
 
Fri 23 Aug '24 with Rich Harvey Where to invest for around $500k?
 

 

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Sydney housing market boosts NSW budget

December 24, 2013 / Written by Rich Harvey

 

From luxury mansions to granny flats, the property market in Sydney is helping to keep New South Wales afloat.

The NSW government released the 2013-14 half-yearly review of its budget on December 12, and it showed that the budget is expected to be $656 million weaker than previously forecast.

At the same time, a strong rise in housing investment was spotlighted as a positive that's expected to continue into 2014-15.

The Property Council of Australia also highlighted further increases in stamp duty as a good sign for both the real estate market and the state. However, the council's NSW executive director, Glenn Byres, cautioned against relying on stamp duty as a main source of revenue.

"Another rise in stamp duty receipts confirms both housing production and commercial property transactions are on the up," Mr Byres said in a December 12 media release.

"But stamp duty is a volatile source of revenue, and NSW needs to immune itself against sudden shifts in the market. Creation of a simple, efficient and transparent planning system - with clear rules applied objectively - will help the industry move to a more solid footing."

This is hardly the first time Sydney has seen increases in stamp duty this year.

The Office of State Revenue reported in November that stamp duty reached $356.8 million in October from residential property sales, the highest monthly figure since records regarding stamp duty began being kept in 2005-06.

These numbers make one thing clear: Market activity in Sydney continues to be strong and is expected to continue in the coming year.

With values on the rise, now appears to be an ideal time to buy investment property in Sydney.
 

The Propertybuyer
Podcast

 
Fri 29 Nov '24
with Rich Harvey
How to Make Better Financial Decisions
 
 
Fri 15 Nov '24
with Rich Harvey
How Will the Future of the Real Estate Industry Evolve?
 
 
Fri 1 Nov '24
with Rich Harvey
Sydney’s Lower North Shore - Perspectives and Insights
 
 
Fri 20 Sep '24
with Rich Harvey
How to Invest or Buy Commercial Property
 
 
Fri 6 Sep '24
with Rich Harvey
Breaking Gender Barriers, Creating Empathy & Other Empowering Strategies
 
 
Fri 23 Aug '24
with Rich Harvey
Where to invest for around $500k?
 

 

Listen to many more
podcasts on our
Podcasts page.