NSW annual report highlights Sydney's housing growth
The state of New South Wales had its housing achievements highlighted in the latest annual report for 2012-13. Results showed strong growth throughout the housing industry, which could be great news for anyone looking for a property investment in the state.
Over this 12 month period, dwelling approvals rose substantially after they grew by 10 per cent statewide to settle at 38,985.
Many of these properties were centralised in Sydney, where the approval rate for the city alone grew by 17 per cent to the tune of 28,557 houses.
Home completions in the New South Wales capital also increased by 35 per cent, reaching a ten year high with 1,097 homes completed during the last year.
Looking at these statistics, the general trend seems to indicate that not only are more people beginning to consider building their own property, but the city is preparing itself for projected population growth by boosting housing supply.
This could be encouraging for first home buyers and property investors alike, with the indication that the strengthening market and economy are working to aid the development of residential projects in Sydney.
Much of the recorded development activity was focused in Western Sydney, with 53 per cent of completions occurring in this major growth centre. Blacktown, a suburb located in Western Sydney, possessed the highest finishing rates at 2,021.
Following this, Parramatta (1,336) Camden (1,290) Penrith (1,271) Liverpool (1,185) and The Hills (1,037) all experienced notable completion rates throughout the year. This coincides with the major infrastructure developments in the region at the moment.
A number of precincts in the Western Sydney region were also rezoned earlier this year, allowing more development of residential property. For example, Austral, Leppington North and East Leppington were all rezoned to allow the construction of an additional 30,250 houses in the region.
Furthermore, it has been estimated that 27,400 new homes will be constructed around eight new train stations following the development of the North West Rail Link. This new system aims to revitalise public transport in the city and provide essential infrastructure for Sydney's continued growth.
Overall, New South Wales and Sydney have seen some excellent improvements in the face of projected population increases, which could offer a great investment opportunity for anyone interested in bolstering their property portfolio in the coming years.