While budgetary news coming out of New South Wales is mixed, it has spotlighted the major gains made by the property market in the region.
For instance, while the NSW 2013-14 Budget half-yearly review showed that the state will have a deficit higher than originally forecast for the fiscal year, it retains a high credit rating.
“We are now one of only two states to retain the AAA credit rating,” said Treasurer Mike Baird in a December 12 statement.
“We will continue to monitor the challenging fiscal circumstances and take the necessary actions to bolster frontline services and deliver key infrastructure without incurring further borrowing costs."
According to the Property Council of Australia, increases in stamp duty receipts show residential and commercial real estate sales are on the up, something that continues to help buoy the state.
This is good news for investors who own property in St. George and surrounding areas, as much of this activity is taking place in the Sydney region.
In fact, the Office of State Revenue announced as recently as November that stamp duty for residential property sales had reached their highest levels since records began being kept.