New South Wales housing market showing positive signs
The New South Wales housing sector could be making a revival, with recent figures showing a surge in building approvals in the last quarter.
The latest results from the Australian Bureau of Statistics revealed more new houses were built across the state in the last quarter - indicating a residential property recovery is in sight.
In the month of June, building approvals climbed by 7.7 per cent in New South Wales - increasing the total number of approvals for the quarter by 6.1 per cent.
Multi-unit approvals surged by 16.6 per cent in June - bringing the total increase for the quarter to 9.5 per cent - while detached houses increased by two per cent during the same period.
Housing Industry Association NSW executive director David Bare said the latest results were an encouraging sign for the state's housing market.
"We are confident that current state government initiatives, further policy reform, and the lagged positive impact from the interest rate cuts can deliver a sustained recovery in new home building activity from 2012/13," Mr Bare said.
"The new home building sector in NSW continues to face very challenging times and signs of a sustained recovery are vital for confidence, for the housing industry, and for the wider state economy," he added.