More housing supply is on its way with another near record result for the number of buildings approved in the year to March, today’s ABS figures show.
Treasurer Gladys Berejiklian welcomed the result which showed NSW residential building approvals rising 6.9 per cent in the month of March – well above the national average of 3.7 per cent.
“There were more than 68,300 new homes given the green light over the last year – close to the 42-year high we reached in December last year,” Ms Berejiklian said.
“More housing supply is exactly what we need to tackle housing affordability and these strong approvals figures suggest we will have more stock in the market soon.”
Since the NSW Liberals & Nationals came to office in 2011, dwelling approvals have averaged 4,202 per month, compared to only 2,655 approvals per month over the five years to March 2011 – representing a 58 per cent increase.
Planning Minister Rob Stokes said the NSW planning system was working to support and encourage new housing in Sydney and across NSW.
“Never have we seen a peak in housing approvals this size, with 11 consecutive months of more than 60,000 approvals,” Mr Stokes said. “The last peak of approvals was back in December 1994 reaching 57,700.
“That is 18 per cent higher than the same time last year and will help us ensure the community has more access to homes close to jobs, transport and open space.”