NSW tax pumps up Queensland property

Housing prices in Sydney have plateaued after a 10 to 15 per cent fall, two or three times the price fall reported by official figures, according to some industry reports. While there has been a recent price recovery 1 to 2 per cent in many areas, the Sydney market is also being affected by a transfer of funds to southern Queensland as investors flee the Carr Government's property exit tax. In a sign of this tax-driven investment, dwelling prices in Tweed Heads have fallen by 10 per cent, whereas across the river on the Gold Coast they continue to be strong.