Property grant brings sales boom to NSW

The bad weather last weekend failed to dampen the spirits of hundreds of real estate buyers hoping to snap up property before the changes take effect on stamp duty discounts at the start of next month. With the deadline less than two weeks away prospective Sydney real estate buyers were keen to sign up for off-the-plan homes which entitles them to claim the NSW government’s Home Builders Bonus – valued at around $22,500 on a property costing $600,000. Several developers were delighted with the response from the home buying public most of whom were determined to qualify for the existing tax break before the concession changes to the New Home Grant offered at a flat rate of $5000. While any improvement in sales transaction must be good for the housing sector of NSW several industry experts fear another period of boom and bust is looming as high demand and limited supply helps to push prices higher.