New South Wales experiencing fantastic housing approval rates

By the resi financial blog team, 29 October 2013

New South Wales experiencing fantastic housing approval rates

New South Wales has continued the strong streak of housing approvals, retaining it's highest levels in nine years and continuing to rise despite the national average decreasing, according to data released by the Australian bureau of Statistics (ABS).

In the 12 months to August 2013, NSW had a total of 41,309 houses approved - the highest level since seen 2003/04. Planning and Infrastructure Minister Brad Hazzard stated that this hike in approvals shows NSW is "the happening place" to build property.

"In NSW approvals have increased by 8 per cent against the five year average in the period from April 2011 to August 2013, despite a fall of 2 per cent in approvals nationally in the same period," said Mr Hazzard in an October 2 statement.

"Our average monthly approvals are 17 per cent higher than in the previous five years under Labor, showing that the NSW government's targeted policy is working and business and consumer confidence is returning to NSW."

The state recorded 3,740 dwelling approvals for August 2013, which is an increase of 11 per cent over the July 2013 result.

Mr Hazzard reinforced the position that the government was working to reduce the amount of red tape surrounding the industry, in order to make housing more accessible for Australians across the state.

If you're interested in taking out a construction loan for the building of property, regardless of whether you're a first home buyer or a property investor, now could be the perfect time to act.

Not only are the approval rates for properties in NSW skyrocketing, but the historically low cash rate gives you the opportunity to secure a fantastic, competitive home loan option. In this, this will give you the upper hand when it comes to successfully paying back your mortgage.

Categories: Home Loans, Personal Finance, Property Investment