Unit Approval In New South Wales Reaches Record Level During September
The number of housing approvals for apartments and units in New South Wales rose to the highest point ever recorded during September, indicating returning confidence to the market and presenting investment opportunities for the near future.
The latest statement from Urban Taskforce has outlined the growth of apartment approvals in September, stating that over 2,600 approvals were granted during the period – destroying the 2,500 benchmark for the first time ever.
Chief Executive officer for Urban Taskforce, Chris Johnson, said the trend demonstrates this growth, highlighting the changing nature of how people are living in in Sydney, with a larger focus on high density buildings.
“Since the end of 2008 the monthly approval of apartments in NSW has risen from 600 to over 2,600 which is a dramatic turn around,” said Mr Johnson in an October 31 statement.
“These numbers are further evidence of the change occurring in Sydney in housing preferences and also demonstrate the lack of supply that the city has had over recent decades.
He went on to say the rise of apartment living also indicates a turn towards more centralised rental accommodation, supported by evidence of more investors entering into the market.
With rental yields units fast approaching those of houses, this could be a lucrative undertaking for potential investors in the area.
“NSW overall monthly approvals are now leading the country with a steady increase in detached house approvals adding to the spectacular jump in apartment approvals. This is good news for those looking to purchase a new house or apartment and for those who prefer to rent,” said Mr Johnson.
With an expected population boom in the coming years, future planning for the city could turn towards high density buildings and planning, in order to help provide housing for those moving to Sydney.