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Building approvals on the rise

NSW Treasurer Gladys Berejiklian welcomed the result, which showed NSW residential building approvals rising 6.9 per cent in 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.”

Increasing the amount of available housing is one of NSW Premier Mike Baird’s priorities. Reducing timeframes for housing approvals gives certainty to the market, instils confidence and increases housing supply.

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.”

Source: News Release, New South Wales Government, 5th May, 2016

https://www.nsw.gov.au/news/building-approvals-rising