New records for Sydney housing approvals

90Sydney’s hot-in-demand property market has seen developers come in to keep up with the demand and the city is now breaking its own records for housing approvals.

New home approvals in Sydney during 2013 were the highest since 1999, breaking a 14 year record, according to a February 21 statement from Minister for Planning and Infrastructure Brad Hazzard.

This finding will be a welcome result for first time home buyers and current homeowners seeking new property in the city as demand for real estate continues to surge.

“There’s an energy in the housing sector that hasn’t been seen for over a decade and it’s largely off the rapid escalation of housing approvals achieved under the drive by the NSW Government to bring housing to the market,” announced Mr Hazzard.

An increase in housing stock places downward pressure on home prices, making home ownership a more realistic option for families and couples in the city – particularly first home buyers.

The latest round of approvals “send a very clear message to builders that NSW is open for business – particularly the business of building houses,” stated Mr Hazzard.

Growing housing approvals

During 2013, a mammoth 33,970 new homes were approved, compared to 15,000 in 2009.

It appears that the trend was more pronounced in the second half of the year, with approvals between July and December 51 per cent greater than the six months prior.

Well over 20,000 homes were constructed last year, with the latest announcement showing that the supply will increase over 2014.

“Sydney is a terrific place to live – a global city with great jobs and a wonderful lifestyle which is why so many people want to live here,” Mr Hazzard said.

With housing approvals breaking records, it seems that developers and builders might be able to keep on top of demand – although ongoing interest from local and foreign buyers will require decision makers to keep on top of the capital’s property market.

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