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NSW construction projected to reach 20-year high

By Louise Morrin

The popularity of New South Wales as a region for property investment cannot be underestimated. Sydney has seen some significant population growth over the last few years, which has been a big attraction for prospective investors. 

The Housing Industry Association's (HIA) latest State Outlook report for New South Wales forecasts that dwelling starts for 2014/15 will increase by 18.2 per cent.

HIA executive director for New South Wales David Bare said new construction figures for 2015 are expected to reach 54,061, which would be the highest level on record in the last 20 years. 

"New South Wales ranks as the strongest state economy in the country and the residential building industry is a key driver in achieving this," said Mr Bare in a 20 May statement. 

Furthermore, renovations in the state are anticipated to increase by 2.6 per cent during 2014/15, with an additional 6.5 per cent jump expected in 2015/16.

This could present an opportunity for investors who hope to expand their portfolios and undertake renovations to add value to their property.  

If you're interested in purchasing investment property in Carlton, now could be a good time to get in touch with a local real estate agent. 

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