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New South Wales approval rates skyrocket over last 12 months

By Louise Morrin

When you're looking to buy or sell real estate, it's important to take note of the overarching market movements. This information will help you make informed decisions about the perfect time to take action and follow through with your property goals. 

Something to keep in mind when you're looking into purchasing property in Carlton is a recent release from the Australian Bureau of Statistics that showed New South Wales had the highest growth in housing approvals in Australia for March this year when compared to 12 months earlier. 

Approvals rose by 58 per cent over the last year and are currently resting at the strongest level since 2003. As the supply begins to rise statewide, this will make purchasing real estate across the region easier. 

Minister for Planning Pru Goward said the last 12 months saw nearly 51,000 new homes approved across New South Wales. 

"Today's figures also show more than 4,700 new homes were approved in March this year, compared to just less than 3,100 last March," said Ms Goward in a 5 May statement. 

Now is the perfect time to get in contact with a real estate agent to discuss the options available to you. 

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