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Record Approvals for Sydney Real Estate

By Louise Morrin

The NSW capital saw a record number of home approvals last year, according to a February 21 statement from Minister for Planning and Infrastructure Brad Hazzard. 

Buyers looking for real estate in St George and its surrounding areas may appreciate the effect this has on housing supply as increased approvals are better able to meet the demand. 

Mr Hazzard cited "energy in the housing sector that hasn't been seen for over a decade". 

In 2013, the city saw 33,970 new home approvals, which tops a record last made in 1999. 

This figure is a sharp contrast to four years ago, when just 15,000 approvals were issued.

With over 21,000 homes constructed during the year, it's clear that Sydney is the place to live, with demand from families, couples and young professionals putting pressure on real estate supply – and that's not to mention the interest by investors. 

"The rapid increase in housing approvals sends a very clear message to builders that NSW is open for business – particularly the business of building houses," stated Mr Hazzard.

A high number of approvals across the city, including property in St George, is not only favourable for home buyers, but also provides a welcome injection to the local economy, with more work for those in the housing construction industry.

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