Housing approvals on the rise in NSW
First time buyers in New South Wales appear to have responded well to the state government's property incentives, with figures showing new home approvals are at their highest level in eight years.
According to Australian Bureau of Statistics data released this week (March 4), 3,503 dwellings were approved in January - a figure that suggests more people are making the transition to homeownership.
Planning and infrastructure minister Brad Hazzard said the latest results provide an added boost of confidence to the residential real estate sector.
He remarked: "We are now seeing outstanding housing figures as evidenced by the latest approvals for new homes which is the best 12 month period since December 2005 when Labor was asleep at the wheel.
"Over the past year, 36,906 homes were approved in NSW which is almost 50 per cent higher than the 24,785 new homes approved over the year starting in August 2008, which was Labor's poorest performing year."
Mr Hazzard said the government's decision to double the First Home Owners Grant to $15,000 for the purchase of new properties has helped to stimulate activity in the residential property sector.