Sydney housing completion rate hits all-time high
New housing completion rates in Sydney have reached a record all-time high.
The latest figures from the Department of Planning and Environment reveal 35,871 new houses were completed in Greater Sydney in the year to February 2017.
These figures surpass the previous 12-month record of 35,687 set in 1971.
New housing construction was spread across the city with around two-thirds of new housing built in or west of Parramatta.
The Local Government Areas with the most homes completed in the year to February 2017 were:
- Parramatta (5067)
- Bayside (3466)
- Blacktown (2854)
- Camden (2313).
Minister for Planning and Housing, Anthony Roberts said this was excellent news for first homebuyers looking to get a foot on the Sydney property ladder.
“Our number one priority is increasing supply which means getting more homes built and these figures show we are doing just that,” Mr Roberts said.
“The number of new homes completed in the year to February 2017 was higher than in any other 12-month period in recorded history and 30 per cent higher than the latest four-year average.”
The number of homes approved has more than doubled since March 2011, and there is a record $22.5 billion pipeline of residential construction underway.