The number of properties being constructed in Sydney has reached a 10-year high, jumping by more than one third in a year, according to premier Barry O’Farrell.
With figures from the Department of Planning and Infrastructure showing that 21,097 homes were built in Sydney during the last financial year, Mr O’Farrell said that housing is an important driver.
“Housing is such a crucial economic driver because of the jobs it creates and the flow on investment as people buy new appliances, carpet, blinds and furnishings,” Mr O’Farrell said.
However, it was Sydney’s western Local Government Areas (LGAs) that saw a majority of the growth, with the highest completions in Blacktown, Parramatta, Camden, Penrith, Liverpool and The Hills – 2,023, 1,336, 1,290, 1,271, 1,185 and 1,037 completions respectively.
“The new planning system will also help continue the trend, making it quicker and easier to build a home with less red tape and quicker approvals,” he said.
“We understand the importance of ensuring new home construction is matched by infrastructure – that’s why we’re getting on with the job of building the North West and South West Rail Links, WestConnex, the M5 West widening, and a raft of key arterial roads like Camden Valley Way, Picton Road, Richmond Road, Narellan Road and the Erskine Park Link Road.”
Source: Residential Property Manager