Building approvals on the rise

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Building approvals on the riseNSW buildings approvals have continued their strong run to record levels, according to the Property Council. The latest ABS Building Approvals data shows continued growth – with 57,088 new dwellings approved in seasonally adjusted terms for the 12 months to May 2015. This represents a 10 percent increase from 51,664 approvals in the 12 month period to May 2014. “NSW needs to keep driving supply if we’re going to tilt the balance of affordability back in favour of homebuyers,” NSW Executive Director Glenn Byres said. “The latest figures are a strong and positive sign – but also serve as a reminder of the challenge ahead. “NSW is only emerging in recent years from a long slumber which saw approvals sit around 35,000 per year for the bulk of the past decade. “And actual construction rates were lower, with as few as 70 percent of approvals converted into finished product. “We also need to sustain the current approval numbers for years to come if we’re going to keep pace with population growth, close the supply gap and improve affordability. “Policy initiatives including planning reform, abolishing stamp duty and continued investment in infrastructure are crucial to maintaining momentum.” Media contact: Glenn Byres | M 0419 695 435 | E [email protected]