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New South Wales in the midst of "biggest housing boom"

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New South Wales is currently enjoying one of its healthiest housing booms in recent memory, according to insight from the Australian Bureau of Statistics (ABS) and the state government.

The NSW government pointed to the incredible numbers of dwellings being approved in the state, with about 1,000 new houses winning approval each week. In the year to August 2014, more than 52,000 homes were approved.

Figures from the ABS and the NSW government show that the number of approvals in August this year is around 60 per cent higher than the monthly average of the previous five years. This has all contributed to New South Wales housing approvals reaching their highest level since May 2000.

With such strong levels of building activity in the pipeline, it is certainly an opportune time to be investing in residential developments in the state. Those looking to enter the market are likely to be busy with their investment appraisals as they seek the housing developments that will generate the best returns.

Investors certainly look like they'll have plenty of options in the state - such as the three Urban Activation Precincts that were announced along the North West Rail Line, which are set to collectively contribute 12,000 new houses.

Minister for Planning Pru Goward added that not only will this volume of approval help with housing affordability, it is definitely welcome as more dwellings will be needed to accommodate the state's rapidly growing population.

"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 explained.

"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. 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."

Investors will certainly pay a lot of attention to New South Wales in the near future, and using property valuation software can help them make the right investment moves.

Date Published: 08 Oct 2014
Category: General News

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