NSW takes action to stimulate property sector
The latest state Budget from New South Wales has revealed provisions to help the residential property industry, much to the delight of one group.
The Housing Industry Association (HIA) said that the property market is a key driver of the economy, so steps need to be taken to ensure it remains strong.
First time buyers have received some assistance, as those purchasing new dwellings will continue to benefit from stamp duty concessions.
NSW executive director of the HIA David Bare said: "HIA believes the benefits available through this package for first home buyers are at a level that should provide a real confidence boost in activity for new home construction in this sector of the market."
He noted that although first home buyers represent a small section of the industry, it is important that their needs are catered for.
Before details of the Budget were announced, the HIA expressed the need to stimulate the construction of new buildings and provide stamp duty concessions for purchases.
Policymakers were also urged to provide a stimulus to reduce the impact of employment weakness in the sector.