Western suburbs property to pull NSW out of the red

Western suburbs property to pull NSW out of the red

23 September 2009 by Staff Reporter 0 comments

Liverpool and Blacktown in Sydney’s Western suburbs are leading the charge in home sales and helping to drag NSW out of the economic doldrums.

According to a report in the Daily Telegraph, Liverpool and Blacktown recorded the highest number of sales over July and August (767) - worth more than $262 million.

The state government is hoping the increased number of sales and spike in stamp duty revenue will rescue it from its $1.3 billion deficit.

Over the last two months, there has been a $24 million increase in stamp duty, up from $494.4 million for the same time last year to $518.5 million.

And with upgraders and investors geared up for re-entry into the market, the NSW government is forecasting an extra $150 million in stamp duty over the coming year, the daily reported.

Liverpool and Blacktown in Sydney’s Western suburbs are leading the charge in home sales and helping to drag NSW out of the economic doldrums.

According to a report in the Daily Telegraph, Liverpool and Blacktown recorded the highest number of sales over July and August (767) - worth more than $262 million.

The state government is hoping the increased number of sales and spike in stamp duty revenue will rescue it from its $1.3 billion deficit.

Over the last two months, there has been a $24 million increase in stamp duty, up from $494.4 million for the same time last year to $518.5 million.

And with upgraders and investors geared up for re-entry into the market, the NSW government is forecasting an extra $150 million in stamp duty over the coming year, the daily reported.

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