NSW Sees Record Housing Approvals

The month of January saw 3,503 approvals for residential real estate in New South Wales, which contributed to the best 12 month period for approvals in eight years.

Australian Bureau of Statistics (ABS) data showed that 36,906 homes were approved in the state in the last year - marking the highest amount since 2005.

State planning and infrastructure minister Brad Hazzard explained that the results show the improvement New South Wales has seen, with a Coalition government presiding over the turnaround.

He said: "The NSW government is streamlining housing supply and delivering a 'can-do culture' across the planning system including all government agencies and local government.

"Other financial incentives to increase housing supply include the doubling of the First Home Owners Grant to $15,000 for new properties."

Mr Hazzard explained that growing confidence among businesses is seeing real estate developers return to the state, where they are undertaking more projects than has been seen in a number of years.

Improved confidence among industry as a result of government measures - he elaborated - is resulting in downward pressure on housing prices as a result of increased stock.

Mr Hazzard concluded by saying that the government won't rest there and that it will do what it can to ensure the situation improves further.