New South Wales is lagging all of its peers in home building activity and is in need of special state government attention, according to industry analyst BIS Shrapnel.
Low interest rates and first home buyer incentives are contributing to a rebound in new housing demand, BIS Shrapnel said today. It forecasts a 10 per cent rise in dwelling approvals in the June quarter as up-graders, who have sold older properties, to first home buyers elect to buy a new home.
This is on top of ABS data released this week which showed a 7 per cent increase in dwelling approvals in the March quarter.
Unfortunately however, approvals have not improved across the board with the country’s largest economy New South Wales recording the lowest approvals in the March quarter on record.
BIS Shrapnel noted that this decline reflected the state’s dependence on medium and high density dwellings, which developers have had difficulty financing in the current market.
Should the state government not take urgent action BIS warned New South Wales could become a “laggard” in the national economic rebound forecast for 2010.
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