Sydney could be facing a housing shortfall to the tune of 80,000 homes by 2014, says the Urban Taskforce.
Commenting on the New South Wales’ “plummeting” rate of building approvals, Urban Taskforce chief executive Aaron Gadiel estimated that Sydney’s current housing undersupply has reached 46,000 homes – up from 36,000 in 2009.
"New South Wales' private sector home approval rate is plummeting at more than three times the national rate,” said Gadiel.
"We've now seen three straight months of data, where the NSW private sector home approvals have trended down by more than 4% a month,” he added. "Since March, that's added up to a 12.6% decline in new private sector home approvals.”
New South Wales’ figures are especially of concern when compared to those of other states, noted Gadiel.
Over the same three-month period, the decline in new private sector home approvals in Victoria was less than half of New South Wales’ figure at 5.6%, while Western Australia’s decline was 3.2% for example.
With interest rates at their lowest for more than 50 years, there are some great rates available. The best thing to do is to compare rates from all the lenders. Let us help take the leg work out of doing this - Compare Home Loans now
Top Suburbs :
tweed heads south
Get help with your investment property
Do you need help finding the right loan for your investment?
When investing in property, it is important to make sure that you not only have the lowest available rate that you can get, but also have the correct loan features for your needs.
Just fill in a few details below and we'll then arrange for a local Aussie Mortgage Broker to contact you and work out what features or types of loans are right for your needs. We'll even help with the paperwork. Plus and appointment is free.
We value your privacy and treat all your information seriously - you can check out