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NSW Housing Market Seeing Strong Activity

By Louise Morrin

Recent data shows that both home dwelling approvals and new home sales are on the rise in New South Wales.

The Australian Bureau of Statistics (ABS) reported on January 9 that dwelling approvals increased 1.3 per cent in NSW during November 2013.

Meanwhile, the Housing Industry Association (HIA) reported on January 10 that detached house sales increased 8.1 per cent in NSW during the same time period.

Also, a separate report from the ABS showed that home loan approvals reached their highest level during November 2013 when compared to any other month in the past four years.

Loan Market Director of Sales Mark De Martino commented in a January 13 media release on how NSW, along with Queensland and Western Australia, was helping to boost the housing finance market.

"New South Wales has recovered nicely over the past two years, with consecutive month-on-month growth since January 2012," Mr De Martino said.

"The resource rich states of Queensland and Western Australia approved 15 per cent and 12 per cent more home loans that the same time last year. These numbers are certainly encouraging for the economy and specifically the property market."

It's clear that the NSW market is seeing high activity, good news for owners of property in St. George and other areas.

With sales and loan approvals on the rise, now may be the time to put a house on the market.

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