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More property could be on the cards for NSW

By Louise Morrin

Construction levels could be about to reach fever pitch in New South Wales, as it emerges that new homes are being planned across the state. Not only will this increase your options if you're looking to buy property in Allawah, but it could also mean prices could come down too.

The Housing Industry Association's State Outlook delivered the good news, as the group revealed that there are plenty of new building projects waiting to be given the green light. There are so many in fact that the HIA believes new dwelling starts could rise by as much as 7.6 per cent in the 2015-16 financial year – exciting news if you haven't yet bought real estate in Allawah.

"While residential building activity may be at the peak of the cycle it's important not to lose sight of the bigger picture," commented David Bare, the HIA's executive director in New South Wales.

"Ensuring supply meets underlying demand over the long term is critical to housing a growing NSW population and improving housing affordability."

What's the situation elsewhere in Australia?

It appears that it's not only New South Wales that's welcoming new homes, as the Australian Bureau of Statistics (ABS) has also recently pointed to a national building boom. Throughout April, the number of new homes being approved was up 1.2 per cent from March levels, making it the fifth month in a row that a rise has been registered.

New South Wales was slightly higher than the national average with a 1.4 per cent increase, further cementing the idea that more Allawah real estate might be coming onto the market.

Sound like something you'd be interested in? Make sure you give the team at Ray White Carlton a call, we'd be more than happy to help you find a place to call home.

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