In brief - No spectacular gains for property industry
Whilst there is something in the June 2014 NSW budget of immediate benefit to the property industry, particularly the residential development industry, there are really no spectacular gains which would give added impetus to the growth of this industry.
Commitment of funds to infrastructure
The 2014/2015 NSW budget announced this week is a solid but unspectacular budget (as to be expected with it being the last budget before an election) which has a significant focus on infrastructure.
New Home Grants and First Home Owner Grants
From a property industry perspective, the most significant aspects of the June 2014 NSW budget are the following:
Significant commitment of funds to infrastructure and roads (although much of it is only in the planning phase and will take a significant period to deliver).
The New Home Grant will restrict eligibility to Australian citizens or New Zealand citizens who hold a special category visa.
- The time limit (previously three months) to make an application for a New Home Grant has now been abolished. The amendments apply to agreements entered into from 1 July 2014.
The eligibility cap for the First Home Owner Grant which relates to new homes has increased from $650,000 to $750,000.
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