New home builds reach highest level in Sydney since Olympic boom
More than 30,000 new homes have been built in Sydney in the last financial year, the highest figure since the building boom in the lead-up to the Sydney Olympic Games, according to the latest figures from Metropolitan Housing Monitor.
The report showed 30,191 new homes and apartments had been finished in the greater Sydney region.This is the highest number of completions since the 1999-2000 financial year, when 30,520 completions were recorded.
Planning Minister Rob Stokes said the completion numbers were due to the strong local economy, a solid rate of development approvals and the NSW Government’s efforts to release land and build infrastructure to support housing supply.
“More houses being built means more opportunity for Sydneysiders to buy homes across our city,” Mr Stokes said.
“Unprecedented spending on new public transport and roads is helping to address a housing undersupply backlog of up to 100,000 homes. At the same time we’re creating a simpler, more efficient planning system to make it easier to build the homes we need.”
New home completions have increased by ten per cent in greater Sydney over the past financial year. Forty per cent of completed homes are within six local government areas: City of Sydney, Blacktown, Camden, Parramatta, Liverpool and The Hills.
Source: NSW Government