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Wednesday, October 28, 2020

New Housing Approvals Soar In NSW

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The State’s housing supply will get a huge boost after the number of new homes given the greenlight rose 27.8 per cent in July, according to ABS data released today.

The official figures showed that 7,389 new dwellings were approved in July – the highest result since July 2015.

Treasurer Gladys Berejiklian welcomed the July increase, which was the second strongest month ever on record for NSW building approvals.

“There have been 70,861 new homes given the greenlight over the past 12 months in NSW, with the number of approvals staying close to the all-time high reached in May this year,” Ms Berejiklian said.

“We know that boosting supply is the best way to put downward pressure on housing prices, so these approvals are positive news for those hoping to enter the market.”

The July result was driven by multi-unit approvals, which rose by a massive 48.3 per cent in the month.

Planning Minister Rob Stokes said the figures showed the planning system was working to help provide more housing across NSW.

“NSW has the highest number of annual approvals for the 12 months to July of any Australian state, accounting for almost a third of national approvals,” Mr Stokes said.

“We’re working hard to deliver a simpler, more efficient planning system to support increased housing supply.

“Improving the planning system is an integral part of the NSW Government’s efforts to deliver the homes people need, where they need them.”

The Indian Telegraph Sydney Australia

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