NSW to see wave of new builds

The-HIA-predicts-50000-new-dwellings-for-NSW-in-2015-_157_6005207_0_14102287_300Momentum in the New South Wales construction industry shows no signs of slowing down over the next few years, with the Housing Industry Association (HIA) predicting 50,000 new homes to be built in the state this year alone.

HIA’s National Outlook for summer 2015 shows an encouraging trend in the volume of homes being built across the country, a pattern that will likely please investors and home buyers in NSW. Residential construction nationwide has risen rapidly over the past three years and the latest forecasts suggest that this will continue for some time to come.

“New home building has become a crucial engine of growth for the NSW economy, and its importance is set to increase further over the next 12 months,” David Bare, HIA Executive Director for New South Wales, said.

The number of new homes built in NSW expanded 9.7 per cent over 2014 – and the HIA predicts this to expand. The new built segment is predicted to grow by a further 5.6 per cent in 2015, providing a crucial boost for affordability across the state. Surging home values have pleased investors but have been a concern for buyers, particularly those new to the property market.

Investors have already shown their penchant for new builds, but a rising supply of new homes will ideally offset some price pressure concerns and enable more buyers to make NSW their home. If you would like to know more about how growing pipeline of new homes could benefit you, speak to your local agent or property manager.

In any case, NSW looks set for another fantastic year. Sydney has already proven itself as the cornerstone to NSW’s success, but the Hunter and Central Coast regions are also contributing significantly to the state’s housing market. New home building approvals climbed 6.3 per cent over 2014, confirming that the construction industry is strong all across the state.

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