RECORD BREAKING NSW HOUSING APPROVALS

The NSW housing industry will finish 2015 on a record breaking high, as ABS figures showed building approvals soared by more than 22 per cent in October.

Nearly 65,000 homes were given the green light in the 12 months to October, which is a 27 per cent increase on the previous year and 72 per cent above the decade average.

Treasurer Gladys Berejiklian said the solid results are another sign that 2015 has been a great year for the NSW economy.

“We have a half a trillion dollar economy in NSW, confidence is up and the housing sector is showing continued strength,” Ms Berejiklian said.

“Our booming construction sector has underpinned the State’s strong economic growth and helped establish NSW as the jobs creation capital of the nation.”

The data showed that over the last 12 months, NSW has had the highest increase in approvals of all other mainland states

“This is great news for people hoping to enter the housing market as it shows more housing stock is on the way,” Ms Berejiklian said.

There were more than 5,300 approvals in NSW in October, which remains well above the average of the last five years.

Since the NSW Liberals & Nationals came into office, there has been on average 3,964 approvals per month, which is almost a 50 per cent increase compared to the five years to March 2011.