Transaction volumes tank
An interesting data series from the Office of State Revenue in New South Wales.
Annual stamp and transfer lodgements are still tracking at around $7.9 billion, which is historically quite high, but are heading sharply lower.
And transaction volumes have been absolutely annihilated, with the rate of housing market turnover in New South Wales quickly headed towards record lows according to the latest available figures.
More of the unintended consequences of making it so darned hard to borrow.
The squeeze on higher LVR lending has at least now eased, and some lenders are quietly bringing back mortgage products for investors, including interest-only loans.
In brighter news for the state the NSW state government is still set to pursue a number of huge infrastructure projects after the Libs won the state election this week.
