Investment opportunities as New South Wales housing approvals increase

8.10.13(b)Investment opportunities are running high in Sydney at the moment, with housing approvals continuing to increase in the area, despite the fact they are falling nationally. Furthermore, rates in the Sydney area have reached the highest level in nine years and illustrate a ripe housing market.

According to the latest release from the Australian Bureau of Statistics, a total of 41,309 houses have been approved over the last 12 months leading up August, which is the highest level for dwelling approvals since 2003/04.

The New South Wales Minister for Planning and Infrastructure, Brad Hazzard, stated that the average monthly approvals is 17 per cent higher at the moment than in the previous five years in the state’s history.

“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.

Furthermore, there were a recorded 3,740 successful housing approvals undertaken in August.

“This substantial hike in housing approvals shows NSW is the happening place when it comes to new properties,” said Mr Hazzard.

“The message to those who want to build houses is come to NSW, where we are open for business.”

The opportunity to purchase property for investment purposes in Sydney has always been a fantastic option for those hoping to expand their portfolios. With a new suburb in development, getting in early and securing a slice of a new, prosperous area could offer great returns to smart buyers.

Furthermore, Mr Hazzard stated that the current NSW government was continuing to reduce the amount of red tape surrounding the housing industry in the state. This could potentially help thousands of Australians gain a housing approval and begin construction on their dream home.

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