New home lending grows as housing approvals jump out west

Buyers-might-want-to-start-looking-west-in-Sydney_157_82552_0_14100789_300New home lending for owner-occupiers has seen as spectacular rise in New South Wales, according to the most recent figures from the Australian Bureau of Statistics.

The Housing Industry Association reported on the figures, which indicated the new home lending was standing strong with the ticking over of the new financial year. This was entirely driven by conditions in the First State, where seasonally adjusted loans for owner-occupiers of new dwellings grew by 9 per cent over July.

By contrast, every other state and territory saw a decline in new home lending, particularly in Western Australia, Tasmania and the Northern Territory.

Housing approvals concentrated in Western Sydney

Much of this growth in new home lending could very well be a result of the rapid growth being experienced across Western Sydney, if the Urban Taskforce’s analysis of Sydney housing data from the Department and Planning and Environment are anything to go by.

According to the Urban Taskforce, seven of the top 10 councils for housing approvals in the Harbour City over the last financial year have been in Western Sydney. Blacktown topped the list for approvals, and came second for completions, while Liverpool, the Hills, Parramatta and Penrith came third, fifth, sixth and eighth, respectively.

“Clearly Western Sydney is where the housing action is along with some of the inner city councils,” commented Urban Taskforce Chief Executive Chris Johnson in a September 8 release.

Interestingly, alongside, these various Western Sydney councils, the city of Sydney was a top performer when it came to both approvals and completions. It sat close behind Blacktown in the former and easily topped the list for the latter.

The release of these figures could be a good indicator for where home buyers in the Sydney area might want to look. Western Sydney has long been an up-and-coming region for home buyers, particularly with the recent infrastructure projects started by the city and the state government.

Leave a Reply

Your email address will not be published. Required fields are marked *