NSW Government Minister for Planning Pru Goward cited the latest figures from the Australian Bureau of Statistics to support the housing industry policies of the Government.
According to an ABS report, housing approvals in the State grew by 58 per cent in March this year compared to March last year, and for the twelve months to March 2014 were at the highest level since 2003.
Ms Goward said that the latest figures show the policies of the NSW Government are working and the State is clearly benefiting from the delivery of new homes. Over the 12 months to March 2014 nearly 51,000 new homes were approved in NSW, the highest in almost eleven years. More than 4,700 new homes were approved in March this year, compared to just less than 3,100 last March. Additionally, from February to March, NSW was the only mainland State to record an increase in housing approvals, bucking the national trend.
She observes that the ABS report is an endorsement of the policies of the NSW Government to support its housing industry, and is also great news for young families looking to buy their first home, great news for thousands of builders and tradespeople, and great news for the economy. More homes were needed to keep up with the growing demand of people living in NSW.
Ms Goward said monthly approval figures since the Liberal and Nationals Government came to office have averaged 3,415 dwellings (April 2011 to March 2014) compared to 2,657 per month on average over the last five years of Labor. More housing approvals don’t just help new home buyers; they put downward pressure on house prices across the market. The NSW Government will therefore continue to drive this upward trend in housing approvals.