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NSW budget 2017-18: Get Ready For Sydney Property To Go Truly Ballistic!

NSW budget 2017-18: Get Ready For Sydney Property To Go Truly Ballistic!

Will NSW Budget 2017 -18 throw fuel on the fire?

NSW Budget 2017 is supposed to deliver 75,000 new homes to address the affordable housing crisis.

NSW budget 2017-18: Councils under pressure to deliver more homes

The Treasurer, Dominic Perrottet, said about 75,000 homes were expected to be built next financial year, double the long-term average of 40,000.

“We are about to embark on a construction boom,” Mr Perrottet said. NSW budget 2017-18: Councils under pressure to deliver more homes

BUT… will NSW Budget 2017 just get more buyers into an already crowded market?

It takes years to get raw land rezoned and have development applications approved so land can be sold in the short term. Say two to three years. NSW Budget isn’t increasing the supply of property just enabling more buyers. Increased demand and no extra supply would seem to be about to force up prices.

NSW Budget 2017 - 18

 

NSW budget 2017-18: Councils under pressure to deliver more homes

The centrepiece of this package was the removal of stamp duty for first home buyers purchasing properties under $650,000, and lowering stamp duty for first home buyers purchasing properties worth under $800,000.

As well, the budget promises up to $500 million in support for councils through concessional loans, while also saying more councils will be able to levy developers with special infrastructure contributions. NSW budget 2017-18: Councils under pressure to deliver more homes

The target is 75,000 homes 35,000 more than the long term average that is built. So that is finance for 35,000 properties at say $800,000 per property. That means NSW Budget is going to throw $28,000,000,000 EXTRA into the NSW property market, primarily in Sydney next financial year!

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