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House of Assembly - Fifty-First Parliament, Third Session (51-3)
2008-09-10 Daily Xml
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PROPERTY SALES FIGURES

Mr GRIFFITHS (Goyder) (15:37): My question is to the Treasurer. What is the estimated impact on the government's 2008-09 budget from the decline in sales volumes in the SA property market?

The Hon. K.O. FOLEY (Port Adelaide—Deputy Premier, Treasurer, Minister for Industry and Trade, Minister for Federal/State Relations) (15:37): I advise the member that he will have to wait until the Mid-Year Budget Review comes out, when we will do the update of revenue forecasts as well as budget settings going forward. There is no doubt that, in a declining volume of sales, there will be a declining amount of revenue raised through stamp duty. We will wait until the midyear review to reveal that number. The property market is an incredibly sensitive market but, at this stage, it is holding up pretty well, as I mentioned earlier. That is not to say there is not some impact, but it is holding up pretty well at this stage. We have not, as yet (and, touch wood, we will not), seen any effects on any value decline, to the best of my understanding.

Bear in mind, of course, that our data is a bit historical, so the last data that I was advised of, a month ago, did not show value decline entering the market (the prices are still holding), but there is some activity decline. We will wait to see how that levels out for the Mid-Year Budget Review and release those figures at that point.

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