Rising housing approvals expected to stabilise New South Wales market

In what could be great news for potential buyers of Balmain real estate, New South Wales underwent large levels of housing approval growth over the year to March. Approvals grew by 58 per cent, illustrating the overarching rise in residential property strength in Sydney over the last year. Furthermore, the 12-month period to March 2014 was the strongest since 2003. 

This is good news for potential property buyers in Sydney's Inner West suburbs. According to Minister for Planning Pru Goward, rising housing approvals can result in downward pressure on real estate prices across the region. This isn't just useful for first home buyers, but anyone interested in securing a new home in the New South Wales capital city. 

"Over the 12 months to March 2014 nearly 51,000 new homes were approved in New South Wales, the highest in almost 11 years. Today's figures also show more than 4,700 new homes were approved in March this year, compared to just less than 3,100 last March," said Ms Goward in a May 9 statement. 

"And from February to March, NSW was the only mainland state to record an increase in housing approvals, bucking the national trend. We need more homes to keep up with the growing demand of people living in our great state." 

Evidence of this growth can be seen in the auction results for Saturday May 10, where four Balmain properties sold over the course of the weekend - three for more than $1,000,000. Furthermore, two in Liechhardt sold for over $1,000,000 as well, while a single home in Lilyfield managed to reach a whopping $926,000. 

The number of sales is expected to continue upwards as more people begin to enter the market. Now could be the perfect time to consider securing mortgage financing and investigating Sydney's Inner West.