A report from the Housing Industry Association has indicated building approvals in New South Wales rebounded 33.3 per cent in April 2013 after a relatively weak showing in March.
The update shows NSW recorded almost 3,900 approvals in April.
“There has only been one other month since 2004 when the state has exceeded this level of approvals,” said HIA Executive Director, NSW, David Bare.
“Furthermore, the state finally recorded more approvals than any other state. As the nation’s most populous state this should be the norm, however it is the first time this has been the case since August 2005.”
David Bare revealed that approvals for both detached houses and ‘other dwellings’ improved in April. Detached dwelling approvals continued on the steady upward trend recording an increase of 6.0 per cent over the month, while approvals of multi-unit dwellings rebounded strongly posting a 64.5 per cent increase after the lacklustre result in March.
“It is good for the residential construction sector to see conditions gradually improving and it is also good for the NSW economy more broadly.”
“However, we need to ensure this improvement persists. Policy makers must continue to address the structural impediments preventing this state from building enough new homes to house the population,” added David Bare.
