Housing approvals on a high

Published 2nd October, 2014 in Economy

Housing approvals in NSW are at their highest level since the 12 month period ending in May 2000, according to the latest Australian Bureau of Statistics figures.

New housing estate
New housing estate

Minister for Planning Pru Goward said that more than 52,000 housing approvals were made in the 12 months to August 2014, which meant that around 1,000 new homes a week had been approved.

“We know there will be two million extra people living in NSW by 2031, which means we’ll need about a million more homes,” she said.

“The NSW Government has already started work on delivering the homes we’ll need for the future with more than 4,200 dwelling approvals provided in August.”

According to Minister Goward, boosting the supply of homes to help meet demand will help improve housing affordability.

“This is smart planning for a growing NSW – making sure that the number of homes available keeps up with the number of homes we need will help put downward pressure on house prices,” she said.

The NSW Government has already:

  • Paved the way for the construction of more than 100,000 homes in less than three years.
  • Announced the release of land for an additional 8,100 homes in Western Sydney.
  • Increased the threshold for the First Homebuyers Grant to $750,000.
  • Announced three Urban Activation Precincts along the North West Rail Line aimed at creating 19,000 jobs and 12,000 new homes.
Published 2nd October, 2014 in Economy