Barry O'Farrell, the Premier of NSW, must be reading my blog.
Only 10 days ago I wrote that we can expect rising prices in the south-west of Sydney over the next 12 months.
Then, only 7 days ago, NSW Treasurer, Mike Baird delivered the first Budget for the recently elected Liberal Government announcing the end of the First Home Plus scheme. These changes, to come into place from the beginning of 2012, will mean first home buyers will miss out on the First Home Owner's Grant and be forced to pay thousands in stamp duty.
The practical effect of these changes will create a first home buyers rush in the months leading up to Christmas 2011 causing property prices to increase and then, as the number of first home buyers disappear from the market after the new year, a decline in sale prices for the first few months of 2012.
Is this good government? I know the states finances are in a mess but is this the best solution, to play havoc with the property market, especially at the more affordable end here in Campbelltown?
Let me know what you think.
