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Construction Industry

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Business - Deferred Answers, Questions Without Notice


    CONSTRUCTION INDUSTRY
Page: 16762
    On 6 May 2005 Reverend the Hon. Fred Nile asked the Assistant Treasurer, representing the Treasurer, a question without notice regarding the construction industry. The Treasurer provided the following response:

    1. NSW Building and Housing Construction

    In NSW, the value of residential completions are up 16.9% in the year to the December 2004 quarter and the value of non-residential completions are up 3.0%. The value of non-residential building approvals in NSW are up 48.5% in the year to the April 2005 quarter.

    2. NSW Employment in the Construction Industry

    No. In the year to March 2005, NSW employment in the construction industry grew by 7.8%.

    3. NSW House Prices

    No. The latest figures from the NSW Real Estate Institute show the median sale price of a house in Sydney during the March quarter was $511,000 an increase of 1.19% on the previous quarter.

    4. Impact of Vendor and Land Taxes

    No. The biggest factor affecting the property market across Australia is the increase in interest rates and the talk of further rate increases.

    5. Land and Vendor Tax Changes in 2005–06 Budget

    Recent changes in the NSW Budget means that 400,000 property owners will either pay no land tax or less land tax. More than 42,000 first home owners in NSW have received stamp duty concessions since April last year. This $420 million boost for first home buyers is being funded through the Vendor Duty.


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