NSW is seeing the highest new home approvals over a 12-month period in seven years, figures from the Australian Bureau of Statistics have shown.
The figures have shown 3,503 NSW homes were approved in January, which planning and infrastructure minister Brad Hazzard says is evidence of remarkable new housing recovery across the state.
“We are now seeing outstanding housing figures as evidenced by the latest approvals for new homes, which is the best 12-month period since December 2005,” he said.
Over the past year, 36,906 homes were approved in NSW – nearly 50 per cent higher than the 24,785 new homes approved over the year starting in August 2008.
“As business confidence has returned to NSW housing, providers are commencing more developments than have been undertaken in many years,” Mr Hazzard said.
“The major players who deserted NSW under Labor are returning to invest billions of dollars.”