Property downturn scuttles NSW economy

Thursday 21 May 2026

Sydney’s housing market is experiencing an accelerating downturn, with prices falling and auction clearance rates crashing, according to Cotality:

Justin Fabo from Antipodean Macro also reported that residential transfer duty transaction volumes have fallen sharply in NSW, consistent with the slowing property market:

NSW Treasurer Daniel Mookhey used a pre-budget address to the McKell Institute on Wednesday to state that Treasury is now forecasting a decline in stamp duty receipts of $5 billion over the forward estimates.

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About the author

Leith van Onselen is Chief Economist at the MB Fund and MB Super. He is also a co-founder of MacroBusiness. Leith has previously worked at the Australian Treasury, Victorian Treasury and Goldman Sachs.