NSW can bank on a property recovery around 2020, Treasurer says

PHOTO: There has been a 10 per cent downturn in the property market, the Treasurer said.Getty Images: Andrew Merry

The New South Wales mid-year budget update is banking on plummeting property prices beginning to stabilise next financial year, before starting to climb again in late 2020.

The cooling property market and the statewide drought have been described by Treasurer Dominic Perrottet as two of the biggest “headwinds” facing the economy, but he insists the state’s finances are “rock solid”.

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