The NSW property sector continues to grow according to the latest official figures released today. NSW housing sector was getting back to 2007 levels when property sales peaked.

Property and land sales in NSW increased more than 37 per cent last month, compared to September 2008.

And in September 2009, there were 17,810 property transactions, the highest number of transactions for the month of September for the last five years.

This is a 37.7 per cent increase on the 12,938 transactions in the same period last year, and a 10.8 per cent increase compared to September 2007.

NSW Office of State Revenue said the recovery has been driven by the residential property market, which has been stabilised over recent months thanks to the first home owner grant.

Other positive signs for the NSW property and housing sector include:

• Dwellings worth more than $353 million have been sold under the NSW Housing Construction Acceleration Plan, since the NSW Government cut stamp duty by 50 per cent from July 1 on newly-constructed dwellings up to $600,000;
• 808 families, including investors, have taken advantage of the 50 per cent stamp duty cut, putting almost $6.2 million worth of stamp duty back into their pockets (as at October 11);
• The number of NSW first home buyers receiving benefits last month almost doubled compared to the same period last year, with 6079 grants handed out in September 2009 and only 3423 in September 2008;
• First home buyers in NSW received $92.98 million in grants in September 2009 – compared to just $26.18 million for the same time in 2008;
• $57.71 million worth of stamp duty was waived for NSW first home buyers in September 2009 – compared to $336.76 million in September 2008.
• The top 5 suburbs for first home benefits in NSW for September are:
  

  Rank	Suburb	Recipients	Total benefits
  1	Liverpool	129	$3.3 million
  2	Wentworthville	107	$2.8 million
  3	Blacktown	99	$2.6 million
  4	Parramatta	78	$1.9 million
  5	Hursville	73	$1.8 million

Further details on first home owner grants and the 50 per cent stamp duty cut are available at: www.homebuyer.nsw.gov.au

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