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NSW well behind national turnaround in building approvals
The latest Australian Bureau of Statistics data for June 2009 shows new building approvals in that month rose nationally by 9.3%.
In NSW the increase was just 3.4%.
“The increase in building approvals in NSW is welcome however it demonstrates again how far behind we are compared to other parts of Australia,” said REINSW President Steve Martin.
“This result is one third the national average and well behind growth recorded in Western Australia, Victoria and South Australia.
“NSW is no longer the engine room of the national economy rather we are behind and trying hard to catch up.
"Today’s results are another demonstration that the NSW Government needs to act urgently to encourage greater investment in the state.
‘The recent cuts to stamp duty announced in the Budget may have some impact however there is clearly greater scope for government intervention if we are to start recording growth rates similar to the 17.4% recorded in Victoria.
“Property tax relief for newly developed property would assist in attracting investors into the market and should be seriously considered.
“NSW simply needs to become more attractive to investors and developers in order to encourage growth in the new build sector,” said Mr Martin.
Please direct media inquiries to Julian Brophy on 0408 276 749.
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