Australian Property News
Signs of housing recovery for NSW
Posted on Thursday, November 05 2009 at 7:35 AM
Strong signs of recovery are evident in New South Wales, with a 29.4 per cent spike in property and land sales in the 12 months leading up to the September 2009 quarter, according to Treasurer Eric Roozendaal.
And the NSW final demand grew by 1.8 per cent in 2008-09 due to growth in consumer spending, business investment and public infrastructure spending.
Latest Commonwealth Treasury forecasts have reported the Australian economy will grow by 1.5 per cent in 2009-10 and 2.75 per cent in 2010, and the national unemployment rate is forecast to peak at 6.75 per cent in the June quarter 2010.
In NSW, the unemployment rate has been currently reported to be 5.6 per cent, the second lowest rate among the states, and below the national average.
According to key recent economic indicators, the NSW budget position improved partly due to a lift in the housing sector, while more than 1000 new dwellings worth more than $445 million were sold under the Housing Construction Acceleration Plan.
On newly constructed dwellings, the 50 per cent stamp duty cut stimulated $445 million worth of construction activity,
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