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Approval for new housing approvals in New South Wales reaches 15 month high

By Louise Morrin

Anyone interested in the level of housing supply across New South Wales will be happy to know that recent Australian Bureau of Statistics figures have highlighted the state is currently at a 15 month high for housing approvals. 

This could be great news for potential investors looking into purchasing property in Carlton, especially with the cash rate reaching a new, historic low in February. Housing Industry Association executive director of New South Wales David Bare said residential building approvals rose by 26.9 per cent in December 2014, totalling a huge 5,157 across the state. 

"Approvals for 'other dwellings' ('multi-units') jumped by 52.0 per cent to a level of 3,214 in December last year and this sector of the market was responsible for the strong overall result," said Mr Bare in a 3 February statement. 

"New housing has led the NSW economic recovery and clearly there is further growth to come in 2015. Signs of further growth in detached house approvals would be welcome in coming months and would signal an even greater economic dividend for the state."

This could bode well for the future growth of the state's housing supply in the coming months, offering countless investment opportunities for the future. 

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