If you're considering taking out a construction loan for building in Sydney in the near future, now could be the perfect time, as the number of new homes jumped by more than a third in a year – hitting a 10-year high for New South Wales.
The Department of Planning and Infrastructure highlighted that 21,097 houses were built in Sydney during the last financial year. This is a 35 per cent increase over the last year, and 53 per cent higher than the last two full years.
Housing approvals are also on the rise, increasing by 17 per cent over the last year and reaching 28,557.
NSW Premier Barry O'Farrell said that driving housing construction upwards was always a goal, in order to help increasing the affordability of houses in the state.
"Housing is such a crucial economic driver because of the jobs it creates and the flow-on investment as people buy new appliances, carpet, blinds and furnishings," said Mr O'Farrell in an August 24 statement.
Mr O'Farrell went on to state that the new planning system was crucial to increase the speed of housing approvals and reduce the amount of red tape involved in building a home – the end goal being to make it quicker and easier than ever before.
Western Sydney saw the biggest amount of growth in the city, with Blacktown experiencing the largest number of housing construction completions – 2,021 in the last financial year.
Other areas that experienced a large increase in housing project completions were Parramatta (1,336), Camden (1,290), Penrith (1,271), Liverpool (1,185) and The Hills (1,037).
If you're interested in taking out a construction loan to build your dream home in Sydney, get in contact with a financial expert today.
DISCLAIMER: The information contained in this article is correct at the time of publishing and is subject to change. It is intended to be of a general nature only. It has been prepared without taking into account any person’s objectives, financial situation or needs. Before acting on this information, Smartline recommends that you consider whether it is appropriate for your circumstances. Smartline recommends that you seek independent legal, financial, and taxation advice before acting on any information in this article.