It has taken a few days for the immediate impact of the NSW budget housing initiatives to sink in.

The initial headlines exulted Treasurer Mike Baird’s decisions. But there are emerging short-term humps -- through the creation of needlessly complex artificial deadlines -- for the NSW housing and property industries to overcome. And then some serious long-term consequences that could potentially affect residential property across Australia.

After all, NSW has broken from the 12-year pact that has given established home sellers the potential benefit of buyers with the first home owners' grant. Now established home sellers in NSW will not get any benefit from the grant that derives from Howard government GST introduction negotiations with the states in 2000.

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