Sydney apartments see growth in approval rates

By the resi financial blog team, 03 December 2013

Sydney apartments see growth in approvals

The increasing demand for property in New South Wales has lead to an increase in the number of housing approvals in Sydney.

Recently released information from the Australian Bureau of Statistics (ABS) has indicated that during October alone, there were 2,620 approvals for apartments in New South Wales. Contrastly, there were only 1,684 approvals for houses in the state.

This could help you to shape your property purchasing goals. Regardless of whether you're looking into investing or buying a home for you and your family, there could be a number of benefits to investigating the option of apartments in your area.

Urban Taskforce Chief Executive Officer Chris Johnson said Sydney's apartment market was going to dramatically increase in the coming years, with the proposed changes to the Planning Bill being essential for this growth.

"The planning system must support the increasing interest of consumers in living in apartments in urban areas. The New South Wales government needs to champion apartment living as a key part of solving Sydney’s housing shortage," said Mr Johnson in a December 2 statement.

Mr Johnson also said it was essential that any changes to the planning system in New South Wales needs to support the dramatic increases in consumer preference for urban living in apartments.

Furthermore, Housing Industry Association Economist Geordan Murray said access to appropriate and affordable housing was an important factor for maintaining a sustainable degree of living.

"Ensuring that the supply of new housing can meet the needs of a growing population is an urgent and ever-present policy priority," said Mr Murray in a November 27 statement.

Categories: Home Loans, Property Investment