Housing approvals increase dramatically across Sydney

Sydney has seen a huge increase in the number of houses being approved over the last 12 months, which could interest anyone looking to purchase property in the city's Inner West suburbs. The recovery of the New South Wales capital's real estate market is encouraging for anyone considering buying in the near future.

According to Minister for Planning and Infrastructure Brad Hazzard, approvals were higher during 2013 than any other time after 1999. There were 33,970 new homes approved across the city during the last 12 months - more than double the 15,000 total seen during 2009. 

Furthermore, the six months from July through to December saw approvals rise by 51 per cent over the first six months of 2013. This highlights the steady increase in strength experienced by Sydney's real estate industry over the year that is set to continue well into 2014, providing a degree of incentive to consider property in the New South Wales capital for investment. 

"There's an energy in the housing sector that hasn't been seen for over a decade and it's largely off the rapid escalation of housing approvals achieved under the drive by the New South Wales Government to bring housing to the market," said Mr Hazzard in a February 21 statement. 

"This is good news for homeowners, good news for our economy - now the fastest growing state economy in the country - and great news for tradies and builders in the housing construction industry. More housing stock on the market means downward pressure on the price of new homes and more choice, which helps young families as they enter the housing market." 

With these growths in available stock on the market, the options for first home buyers and investors in Inner West suburbs like Balmain are likely to increase. This could be great news for anyone sitting on the fence about buying real estate in New South Wales capital city.