New South Wales (NSW) has topped Australia's states for the number of new homes built over the last 12 months and is leading the way for increasing new home construction, according to the latest data released by the Australian Bureau of Statistics.
In the 12 months leading up to March this year, construction on 37,433 new homes began in NSW – the highest number in the state since 2005.
Furthermore, construction on 9,734 new homes commenced in the March quarter alone, indicating a strong confidence returning to the housing market with both builders and investors.
In comparison with other states, both Victorian and Western Australia recorded drops in the previous 12 months (three and ten per cent, respectively) – while Queensland recorded a slight increase of 0.4 per cent.
Brad Hazzard, minister for NSW's planning and infrastructure, said in a July 17 statement that the current government was committed to delivering where Labor had previously failed.
"The growth in new dwelling commencements in NSW remains very strong with the seasonally adjusted March quarter figures up 15 per cent on the quarterly average since we came to government in 2011," Mr Hazzard said.
"The recent budget announcement to extend the NSW government’s generous first homebuyers scheme is helping the next generation of homebuyers."
This first home buyer's grant is $15,000, eligible for first home buyers of newly constructed dwellings throughout the state. This could be a fantastic helping hand for those looking into purchasing their first home, especially for anyone applying for a first home buyer loan.
Furthermore, the current home building trend in NSW could be perfect for any potential investors looking into property investment loans. For example, taking out a construction loan could be a fantastic opportunity for investment construction in NSW's prime construction industry.
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