NSW housing completions smash state record
NSW is the place to be right now economy wise with construction activity at an all time high.
New housing completions in NSW have peaked, according to the Australian Bureau of Statistics' latest quarterly building activity data.
Data shows 64,824 homes were completed in NSW in the year to March 2017 - a 7% increase on the previous record of 60,569 set in 2016.
Minister for Planning and Housing, Anthony Roberts, said the "historic highs” demonstrate the NSW Government is committed to tackling housing supply and affordability.
"Today's figures demonstrate that our efforts to streamline and simplify the planning system are proving to be effective in delivering more houses to the market,” Mr Roberts said.
The number of new homes completed in the year to March 2017 was 42% higher than the latest five-year average.
Acting Treasurer Victor Dominello said the record housing completions reflect the overall strength of the NSW economy, complementing strong consumer confidence data also released last week.
The Westpac-Melbourne Institute Survey of Consumer Sentiment shows NSW consumers are the most confident in the country, with NSW the only State to achieve an index above 100 in July.
"NSW is the place to be right now - our economy is strong, our finances are healthy, there is a huge amount of construction activity, and unemployment is lower here than any other state,” Mr Dominello said.
"All of that means consumers have a spring in their step, which is giving our local businesses more opportunity to grow.”