New South Wales building approvals improving
The number of housing approvals in New South Wales is steadily increasing, according to the Housing Industry Association (HIA).
HIA executive director for NSW Dave Bare said the recent building approval update for June is positive.
"We are confident that current state government initiatives, further policy reform, and the lagged positive impact from interest rate cuts can deliver a sustained recovery in new home building activity from 2012-13," Mr Bare said.
He added: "The new home building sector in NSW continues to face very challenging times and signs of a sustained recovery are vital for confidence, for the housing industry, and for the wider state economy."
He said that while it is still early, the results of the last quarter provide an encouraging outlook for the housing sector in the future.
In June this year, building approvals rose by 7.7 per cent in NSW, and have experienced an overall increase of 6.1 per cent over the last quarter, he said.
Consents for new multi-units has been revitalised in June rising by 16 per cent, with a upsurge of 9.5 per cent in the quarter.