Sydney housing approvals enjoy ten-year high
Sydney's property sector is showing positive signs of a recovery, after recent figures revealed housing approvals are their highest in a decade.
Data released from the NSW Department of Planning and Infrastructure this week (February 19) show dwelling approvals increased 22 per cent in the second half of 2012 - a level not seen since 2003-04.
And in a further boost for Sydney's residential property market, the number of new home completions lifted 31 per cent in the same period.
NSW minister for planning and infrastructure Brad Hazzard said the latest figures are an encouraging sign for the Harbour City's real estate sector.
"The result is thousands more new homes have come on the market, downward pressure on prices, and thousands of jobs have been secured with the construction of new housing," Mr Hazzard commented.
The minister went on to say that the results show NSW has emerged as the most buoyant across the country.
Average monthly housing approvals rose ten per cent in the 21 months since April 2011 to January 2013 compared with a two per cent decrease nationally during the same time frame.
"The NSW government is delivering new land supplies, serviced by infrastructure, and making the planning process easier for investors and homeowners to get building again," Mr Hazzard added.