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Building approvals set to rise
Released 4 March 2011

New South Wales is set to record its highest level of new housing activity in eight years during 2011 as first home buyers and upgraders return to the market, economic growth picks up and interest rates stabilise.   

Economic forecaster BIS Shrapnel forecasts that the current slowdown in new detached house approvals will start to turn around in the middle of the year, setting the stage for stronger growth in 2011/12.

It predicts that total dwelling approvals will increase by 21 per cent in NSW during that period, taking dwelling activity to its highest level since 2003/04.

“There is evidence that the drop off of first home buyers has now bottomed out,” says Angie Zigomanis, Senior Manager, Building and Construction, at BIS Shrapnel. “The latest data to the month of December 2010 indicates the actual number of loans given to first home buyers was (at) the highest level since December 2009.”