New South Wales Housing Approvals Highest In Nine Years
The latest data released by the Australian Bureau of Statistics (ABS) has indicated that New South Wales has experienced the best 12 months for new housing approvals in nine years, which could be great news for anyone considering construction in the state.
In the 12 months leading to October 2013 there were 44,628 dwellings approved, making it the most popular year for housing approvals since 2004. Furthermore, the approvals for October 2013 was up 23 per cent on the five year average established in November 2008, with 2,959 dwellings approved.
New South Wales Planning and Infrastructure Minister Brad Hazzard said the state continues to outperform other states, further cementing it as one of the up-and-coming places for home buyers, business owners and consumer confidence to continue investing.
“The increase in housing not only reflects changes the New South Wales Government has made to date but also the property and construction industry’s confidence at the prospect of a new planning system,” said Mr Hazzard in a December 2 statement.
He went on to say the new Planning Bill would continue to facilitate this growth, especially with the expected population growth the nation is expected to undergo in the near future.
“This shows that NSW Government is committed to making New South Wales Number One and delivering where Labor failed, ensuring there are thousands more housing options for families across New South Wales,” said Mr Hazzard.
This position is supported by Wilhelm Harnisch, chief executive officer for Master Builders Australia, who said that he was confident that the low interest rates and expected population growth will help to “underpin a broad industry recovery” heading into 2014.
“This should in part be fuelled by the release of pent-up demand for new dwellings because of the under-building of recent years,” said Mr Harnisch in a December 2 statement.