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Published on August 15th, 2013

NSW a leader in housing starts for 2013

The new residential property building market in New South Wales is proving to be a strong one this year, after the Housing Industry Association (HIA) released new research this week (August 13).

According to the HIA's National Outlook for winter 2013, the level of housing starts in the state is predicted to reach their highest in ten years – with NSW being one of the leaders for new real estate construction in the country.

"It is encouraging to see a long overdue recovery underway in the New South Wales new home building market after a decade of underwhelming activity levels. The improving situation is the result of strong population growth, the low level of interest rates, and the NSW state government focus on boosting new housing supply," said HIA NSW Executive Director David Bare.

Housing supply is one of the challenges that the NSW residential real estate market is currently facing, with a steadily increasing population and higher rate of demand.

Recently, SQM Research found that the level of available housing stock on the market for sale in Sydney has reached its lowest point since 2009.

In order to meet the high demand for housing in NSW and the rest of Australia the HIA has called for the government to put policies in place that support the building and construction industry in the country.

The HIA also stated that tax burdens must be relieved on the purchase of new properties and land for sale in order for costs to be reduced for buyers.

Red tape and the high costs of buying new homes are some of the biggest hurdles in the way of the industry heading towards a sustainable recovery.

"Ensuring the recovery is sustainable is the key, but that looks unlikely based on current policy settings," said HIA Chief Economist Dr Harley Dale.

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