NSW’s targeted stimulus policies, limited to first home buyers, will support demand in some local areas – but economists disagree on how much they will lift the overall market.
The NSW budget housing policies will give a shot in the arm to outer-suburban houses and inner-city apartments as the stimulus spreads across different housing types, CoreLogic director of research Tim Lawless said.
“More people are willing to live in a high-density situation than they were earlier in the pandemic,” Mr Lawless toldAdvertisement Buyers not having to pay stamp duty at the time of purchase have more disposable income to spend on their dwelling. Last year, Sydney buyers paid aUnder the shared equity scheme, in which the government pays up to 30 per cent of the value of an established dwelling – similar to the shared equity scheme the Labor government took to the federal election in May – buyers would also be able to increase their overall purchase power, making use of overlapping policies.
Mr Lawless said there would likely be a boost in demand in Sydney’s outer south-west, where 93.1 per cent of properties were valued below the $1.5 million threshold price for the stamp duty change.
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