Consumer News

True test on housing approvals still to come

16 November 2017

By Tim McKibbin- REINSW CEO

New South Wales recently experienced its 45th consecutive month of record housing approvals, which sounds good on the surface: however, the true test is yet to come. 

Figures released by the Australian Bureau of Statistics showed that NSW had 68,945 new homes approved in the past 12 months to September 2017. 

However, in my view, the real test is if the number of new houses being built is satisfying the demand because if it doesn’t property prices will remain strong.

The new dwellings need to be constructed to respond to first homebuyers and those looking to downsize. The latter freeing up stock with their move.

So, although the figures are encouraging, we have a long way to go to satisfy existing demand and respond to future demand.