The market delivered more than $1 billion in stamp duty to the NSW government in January and February alone. Photo: James Brickwood “The strength of stamp duty revenue is a good sign for the state’s property market, and is positive news for the NSW economy”: Treasurer Gladys Berejiklian. Photo: Natalie Roberts
The surging Sydney property market continues to deliver a stamp duty bonanza to the NSW government, helping to hand it a record take of more than $1 billion in January and February alone.
The results, contained in the latest official figures published by the NSW Office of State Revenue, are set to deliver newly installed Treasurer Gladys Berejiklian more than $500 million in windfall revenue for her first budget in June.
The stamp duty bonanza is being fuelled by low interest rates and soaring Sydney property prices. The Reserve Bank cut official interest rates in February sparking a fresh surge in activity on the property market with auction clearance rates surging since the cut. The coffers are set to benefit even more because the latest data does not show the stamp duty revenue from the recent surge. The RBA is expected to cut rates again as soon as next week.
CoreLogic RP Data Home Value Index released this week showed Sydney dwelling values have increased by nearly 39 per cent since the latest growth phase took off around mid-2012.
“The strength of stamp duty revenue is a good sign for the state’s property market, and is positive news for the NSW economy,” Ms Berejiklian told Fairfax Media.This story Administrator ready to work first appeared on 苏州美甲美睫培训学校.