Increased construction figures across New South Wales highlight investment strength
Buyers looking for a great area to consider land investment and property construction in the near future should give some consideration towards New South Wales, following the recent release of new Australian Bureau of Statistics that found the state's residential construction rose to a 10 year high over the last 12 months. Minister for Planning Pru Goward said the strong performance was another sign of confidence in the state's growing economy.
For example, the last 12 months have seen residential construction commencement figures rise to 46,035 - the highest level since September 2003. In fact, this is almost double the low of 24,166 recorded in 2009, with commencements during the March quarter rising to levels last seen in 2002. The last March quarter's commencement levels were 42 per cent higher than the ten year average across the state as well.
Ms Goward said the increased commitment to planning the outcome of New South Wales development was one of the main reasons that this growth was being undertaken at such a rapid, impressive rate.
"With expert population projections released earlier this year showing New South Wales will need one million additional homes in the next twenty years we have a lot of work to do, but today's figures show we are getting on with the job," said Ms Goward in a July 16 statement.
"If we want our children to be able to live and work in the areas we know and love we have ensure we are bringing a steady supply of new housing to the market every year. Over 100,000 new homes have been built since we came to government in March 2011. These figures are more evidence of the NSW Government's commitment to ensuring the supply of homes meets the demands of today and tomorrow."
Treasurer Andrew Constance said that driving economic activity through housing construction was an important factor they have been considering in recent times. Supporting first time buyer was one of the main things being looked at by the government, with the threshold of the First Home Owners Grant being increased to $750,000 in order to help stimulate this side of the market.
Supporting young families and helping the incoming populous secure their own real estate is an important factor to consider. Now could be the perfect time to begin moving into the New South Wales investment market and contribute to the growing strength of the state.