PHOTO: A recent Westpac-MI consumer sentiment survey showed that Australians are actually not enthusiastic about the housing market, with a majority of the respondents expecting home prices to slump further over the next year.
There was a time when New South Wales’ booming property market delivered billions of dollars in revenue to the state government.
Now, as the state suffers the impact of the current housing downturn, this could not be further from the truth. Citing an analysis by the Macquarie Bank, Business Insider Australia reported that stamp duty revenue has started to decline, owing to both lower home prices and decreasing number of property transactions.
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