Housing and Construction Sector

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SpeakersDonnelly The Hon Greg; Roozendaal The Hon Eric
BusinessQuestions Without Notice, QWN

Page: 18786

The Hon. GREG DONNELLY: I address my question without notice to the Treasurer. Will the Treasurer update the House on key economic data about the New South Wales housing sector?

The Hon. ERIC ROOZENDAAL: I thank the honourable member for his question and his interest in this matter. I will give my customary advice to the Opposition that again it is good news for the New South Wales economy. Opposition members should steel themselves, as they have consistently talked down the economy since day one. This time the good news is about the State's housing sector. Members will be pleased to learn that since 1 July 2009, when the Government cut stamp duty by 50 per cent on newly constructed dwellings worth up to $600,000, dwellings worth more than $419 million have been sold under the Housing Construction Acceleration Plan, which was announced in the budget. That means 955 people, including many investors, have taken advantage of the 50 percent cut by the Government in stamp duty and as from 25 October it has put $7.3 million worth of stamp duty back into their pockets. More importantly, that is $419 million worth of job-supporting construction activity, helping to provide jobs to builders, plumbers, architects and more.

The Hon. Michael Gallacher: Your sort of blokes. The sort you hang around with down at the surf club.

The Hon. ERIC ROOZENDAAL: I have heard about you down there. The green shoots of recovery are starting to grow. This economic stimulus measure is working. The private residential housing sector is worth around $17.8 billion to the New South Wales economy every year and accounts for about 5 per cent of the State economy. First home buyers in New South Wales continue to set records, and western Sydney is leading the way yet again. Members will be delighted to hear that homebuyers in New South Wales have notched up another first. Members should listen; this is important. I know members opposite do not care about first home buyers, and they oppose the first home buyers boost, but they have been rejected because in September this year alone more than $150 million in first home buyer benefits have been received. That is clear evidence of rejection of the Opposition's objection to the first home buyers boost.

In September this year alone, benefits helped 6,079 first home buyers in New South Wales to achieve their dream. September 2009 was the best performing September since the first home buyer grants benefits began in 2000. I can advise the House that the top five suburbs for first home buyer grants are in western Sydney. Liverpool had 129 first home buyers, with benefits worth more than $3.3 million; Wentworthville, 107 first home buyers, with benefits worth more than $2.8 million; Blacktown, almost 100 first home buyers, with benefits worth more than $2.6 million; Parramatta, 78 first home buyers, with benefits worth more than $1.9 million; and Hurstville, 73 first home buyers, with benefits worth more than $1.8 million. The good news for the economy keeps coming, no matter how much the Opposition tries to talk down the State and the economy. The Government is doing everything to support the recovery of the economy and the housing sector. For the information of the House, further details on first home owner grants and the 50 per cent stamp duty cuts for newly constructed dwellings worth up to $600,000 are available on www.homebuyer.nsw.gov.au.