Australian Bureau of Statistic figures released today show 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.
Minister for Planning Pru 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.
“Today’s figures also show more than 4,700 new homes were approved in March this year, compared to just less than 3,100 last March,” Ms Goward said.
“And from February to March, NSW was the only mainland State to record an increase in housing approvals, bucking the national trend.
“These figures are an endorsement of the policies of the NSW Government to support our housing industry, but most importantly they are great news for young families looking to buy their first home, great news for thousands of builders and tradies, and great news for our economy.
“We need more homes to keep up with the growing demand of people living in our great State.
“Thanks to our strong leadership NSW is driving economic activity for the nation and these figures prove again that we are the driving force in home construction.”
The ABS statistics reveal:
· 4,767 new homes were approved in March 2014, compared to 3,017 in March last year
· 50,976 new homes were approved in NSW in the 12 months to March 2014
Ms Goward said since the Liberal and Nationals Government came to office, monthly approval figures 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 continue to drive this upward trend in housing approvals – it’s good for our economy and good for families and young families trying to break into the housing market.”