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NSW construction must be given the support it needs

By Louise Morrin

The construction sector has been one of the brightest parts of the national economy for some time now, but is it being given the support it needs to thrive?

Commenting on the latest dwelling approval figures from the Australian Bureau of Statistics (ABS), the Property Council of Australia recognised that some policy changes may be needed. Increasing house supply will bring down the price of property in Carlton and other parts of the country, encouraging people to take those first steps onto the ladder.

Nick Proud, executive director of residential for the Property Council, revealed that approvals have risen considerably over the past few years. New South Wales is a prime example of this, as the number of projects given the go ahead has increased from 34,500 in May 2012 to 57,088 in the same month of this year.

"Housing affordability will improve in places such as New South Wales only when dwelling completions pick up from long run levels of around 28-30,000 completions per year to match the current annual building approval levels," noted Mr Proud.

However, ABS figures suggested that building approvals may have started to slip in the state. During the course of May, approvals were down 0.5 per cent across New South Wales when compared to the previous month.

The Property Council has therefore called for policy action to be taken, which will encourage builders to pick up their activity levels and provide the housing that the country so desperately needs. Addressing taxation and unnecessary red tape are just two examples of ways of making this happen.

Do you have your eye on a new property in the Sydney area? Get in touch with the team at Ray White Carlton and we'll guide you through the local market and find a home that's right for you.

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