Delivering more real estate in St George has been moving up the government's agenda for some time, but the latest figures show these efforts are starting to pay off. Data from the Australian Bureau of Statistics (ABS) shows that residential building approvals were up 6.9 per cent across New South Wales in March, with more than 68,300 new homes delivered over the past year.
The ABS noted that on a national scale, the number of approved dwellings increased 3.7 per cent in seasonally adjusted terms, making it the fourth consecutive month of growth. Compared to the national average, New South Wales is performing extremely well, bringing good news if you haven't yet got your feet on the property ladder.
Planning minister Rob Stokes highlighted that the state has now seen 11 months in a row where more than 60,000 approvals have been registered. The last time this peak was reached was back in December of 1994.
Treasurer of New South Wales Gladys Berejiklian explained that there are plenty of reasons why home building levels should remain elevated.
"More housing supply is exactly what we need to tackle housing affordability and these strong approvals figures suggest we will have more stock in the market soon," she commented.
Construction also plays an important role in the overall health of the economy, by providing jobs and investment opportunities. Increasing the amount of available real estate in St George is just what New South Wales needs to thrive now and well into the future.
The team at Ray White Carlton is on hand to guide you through the property buying process every step of the way. We understand that with so many new homes being added to the market, it can be difficult to find the right one to suit your needs – something we're only too happy to help with.