Mortgage belt coming to the rescue of NSW economy

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The rapid turnover of property in Sydney's mortgage belt has delivered a much-needed stamp duty windfall to the NSW Treasury.

According to Treasury figures reported in Sydney's Daily Telegraph, there were 34,380 property transactions across NSW in the first two months of the financial year - a massive 25% jump on the same period last year.

Western and southwestern Sydney led the way, with the highest number of sales recorded in the suburbs of Liverpool and Blacktown.

Total stamp duty revenue for July and August 2009 was $518.5m, up $24m on July/August 2008. This indicated that first homebuyers - who pay no stamp duty - were no longer dominating the market.

The NSW government predicted it would receive an additional $150m boost to coffers this financial year as upgraders and investors, especially in the mortgage belt, continued to flow into the market. The state budget is currently in deficit to the tune of $1.3bn.

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