08 May 2017
The record completions of 35,871 new homes over the last year demonstrates a real commitment from the property industry to build new housing for Sydney’s growing population says the Urban Taskforce.
“The completion of 35,871 new homes in a year is well above the four year average of 27,493 and the previous year’s results of 28,155.” says Urban Taskforce CEO, Chris Johnson. “This record number of completions is good news for Sydney’s housing supply but is still slightly behind the average of 36,250 homes required over the next 20 years. In boom times we should be well above the 20 year average.”
“While new home approval numbers are high at 57,920 compared to a four year average of 47,161 there are signals that the approvals are slowing down. The NSW Government must keep a firm hand on the approval process for new housing to ensure high completions on new homes continues at the record levels.”
“Parramatta is the stand out council area with over 5,000 completions in the last year composed of 4,916 apartments and 151 houses. Bayside Council is the second highest performer with 3,440 apartments well above Sydney City Council with 2,247 apartments. Other high performing councils include Blacktown (73 apartments, 2,123 houses), Camden (168 apartments, 2,145 houses) and Canterbury Bankstown (1,853 apartments, 446 houses).”
“Sydney’s housing suburbs are falling into the apartment suburbs (Parramatta, Bayside, Canterbury Bankstown, Sydney City) and the house suburbs (Blacktown, Camden).”
“The record number of housing completions demonstrates an incredible effort by the property industry in Sydney as a response to the need for large numbers of new homes for Sydney’s growing population.”