The rebound in Sydney property prices and new mortgages (see next chart) is doing wonders for the New South Wales Budget.
According to new data from the NSW Office of State Revenue, annual stamp duty receipts in December had rebounded by $250 million (5%) from their August 2019 low:
In addition to rising prices, stamp duty receipts have benefited from a 3% rebound in annual property transfers:
The next chart shows the rebound in stamp duties and transfers more clearly:
The mid-year economic review, released in December, noted that the state government earns around $60 million for every 1% increase in dwelling prices, and another $50 million for every 1% increase in the volume of houses sold.
It also upgraded stamp duty receipts by nearly $4 billion over the forward estimates: