Dip expected in Sydney real estate sales
Sales are expected to fall in the residential sector of the Sydney real estate market following the withdrawal of full stamp duty concessions at the end of last month.
The market for off-the-plan properties will undoubtedly slow albeit temporarily according to several Australian property specialists as investors and home buyers alike re-evaluate the implications of the new stamp duty concessions that came into play on July 1st.
The new concessions offer non-first home buyers and investors a $5,000 discount for properties purchased off-the-plan valued under $650,000 instead of up to $22,490 for homes valued up to $600,000 under the full stamp duty concessions for off-the-plan properties that ended last weekend.
The first-home buyer grant is due to double to $15,000 at the beginning of October and developers believe many potential first home buyers will wait until then to secure funding for their first step on the property ladder.