$17 BILLION IN RECORD BUILDING ACTIVITY IN NSW

Another record has been broken for the NSW housing industry, according to ABS figures released today, with more than 65,000 new homes under construction by the end of 2015 – the largest number since records began in 1969.

The value of residential building activity in NSW reached an all-time high of more than $17 billion last year.

Treasurer Gladys Berejiklian welcomed the news that yet another record had been broken for new housing in NSW, following on from a historic high for building approvals.

“The NSW Government has worked hard to address the pent up demand for new housing, because years of under-supply placed upwards pressure on prices,” Ms Berejiklian said.

“We are now seeing that this hard work is making a real difference, which takes the pressure off prices and creates more options for hopeful homebuyers.”

Planning Minister Rob Stokes said construction started on almost 59,000 new homes last year – the highest since records began more than three decades ago.

“These record figures reflect the NSW Government’s commitment to unlocking more land and renewing urban areas across Sydney and NSW,” Mr Stokes said.

“It’s very positive to see record housing approvals are turning into construction of new homes, which is more important than approval numbers alone.

“This government is committed to renewing urban areas and releasing further blocks of land, coupled with a record investment in infrastructure, in order to plan for sustainable growth as our population increases by an extra million people over the next decade,” Mr Stokes said.