The December 2014 housing approvals from the Australian Bureau of Statistics show that NSW is moving upwards on housing approvals and combined with reduced interest rates the development industry has good times ahead says, the Urban Taskforce.
“The combination of the reduction in interest rates along with the upward swing in home approvals in NSW means the future looks good for housing development in NSW,” says Urban Taskforce CEO, Chris Johnson. “The higher density approvals have jumped back to a strong position compared to other states and this has underpinned the NSW performance.”
“Detached houses are relatively flat in trend terms compared with the apartment market.”
“While the ABS data can be assessed in a variety of ways there is no doubt the NSW has its mojo back in terms of housing approvals. As many of the approvals are for large apartment projects, this could lead to commencements over a number of years.
“With Queensland likely to be less pro-growth following last weekend’s election, the NSW housing market can look forward to becoming the state the development industry is keen to build new housing in. NSW needs significant numbers of new homes to accommodate the growing population so it is important that the housing market continues to perform strongly.”