Big Jump in Sydney New Home Approvals 1

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Friday, February 21st, 2014
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Approvals for new housing in Sydney are higher than at any other time since 1999.

Approvals for new homes in Sydney last year were higher than any time since 1999, the latest monthly housing report shows.

Planning and Infrastructure Minister Brad Hazzard says renewed energy in the housing sector was coming largely off the rapid escalation of housing approvals achieved under a government drive to bring housing to the market.

“The rapid increase in housing approvals sends a very clear message to builders that NSW is open for business, particularly the business of building houses,” he said in a statement on Friday.

The housing figures for the Sydney metro region in 2013 show that 33,970 new homes were approved, compared to about 15,000 in 2009.

The figures also show approvals in the six months from July to December last year were 51 per cent higher than the previous six months.

Mr Hazzard said 21,573 homes were completed last year and Sydney was on track for even more this year.

“This is good news for homeowners, good news for our economy, now the fastest-growing state economy in the country and great news for tradies and builders in the housing construction industry,” he said.

The minister said more housing stock on the market meant downward pressure on the price of new homes and more choice, which helped young families entering the housing market.

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  1. Gary S.

    If only this would make homes affordable for the average Sydneysider…