NSW housing boom longest in its history

NSW is in the midst of the longest housing construction boom in its history, according to Australian Bureau of Statistics data.

Data released today shows 74,577 homes were approved in the 12 months to October 2016. This is a record 33rd consecutive month with a yearly approval figure of more than 50,000, and a record 12th consecutive month with a yearly figure of more than 70,000.

Treasurer Gladys Berejiklian said NSW was defying the national trend.

“The NSW Government has been working hard to boost housing supply to put downward pressure on prices and as a result, construction is booming in our State,” Ms Berejiklian said.

“Building approvals are 77 per cent above the decade average in NSW – which is an outstanding result.”

Planning Minister Rob Stokes said the NSW planning system was working to help boost housing supply across the state.

“We are experiencing the longest housing construction boom in NSW history. In just over three years, we’ve seen more than 200,000 houses approved, which is a terrific result,” Mr Stokes said.

“These figures prove that our efforts to build a simpler, more efficient planning system are helping to deliver more new homes across NSW.

“We will continue to improve and refine the planning system to boost housing supply and provide new homes where they’re needed.”

This is the second highest level of approvals on record, following an all-time high of 75,516 in September this year. August recorded the third highest approval figure of 74,326, ahead of May this year with 73,195 approvals.

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