Sydney housing completions remain at historic highs in the year to August 2018, according to new figures released by the Department of Planning and Environment today.
Acting Deputy Secretary, Policy and Strategy, Elizabeth Kinkade said the data reveals that supply continues to exceed housing demand, with enough new homes being built across Sydney to accommodate the population’s needs and make serious inroads into historical undersupply.
The 41,775 new homes built during the 12 months to August 2018 represents a 15% increase from a year ago and demonstrates the success of the NSW Government’s housing strategy.
“We’ve accelerated the delivery of infrastructure to support growing communities and increased the supply of housing, which has helped more than double the number of first home buyers since early 2017,” Ms Kinkade said.
“The Government has streamlined and accelerated local planning, and at the same time, cut red tape and offered incentives and concessions which have encouraged more first home buyers into the market.
“Consequently, we have had two years of housing supply records across Sydney which is backed by a solid pipeline of over 50,000 approvals in the year to August 2018 and even more homes currently under construction.
“This sustained boost is enabling us to focus on continuing to plan and build the infrastructure that supports our communities,” she said.