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NSW records strong rise in building approvals in July
The latest Australian Bureau of Statistics data for July 2009 shows new building approvals in that month rose nationally by 7.7%
In NSW the increase was 19.0%, the highest result recorded in the nation.
“There is no doubt these are encouraging results with NSW growth more than double the national average," said REINSW President Steve Martin.
“After reasonably poor figures last month, the strong growth recorded in July is a good indication that things are starting to turn around in New South Wales but it is still early days.
“We need to remain cautious, particularly given the fact that these figures have been reasonably volatile over recent months.
“Only last month, NSW recorded an extremely low result of 3.4% which was well below the national average.
“What we need to see is a trend of significant growth in consecutive months before we can say that we are witnessing sustained recovery in the new building sector.
“What we don’t need is the Reserve Bank jumping the gun on the back of one month’s strong data and increasing interest rates.
“That would certainly knock the wind out of economic sails of NSW at a time when recovery in the property sector remains fragile," said Mr Martin.
Please direct media inquiries to Julian Brophy on 0408 276 749.
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