With home prices falling, access to finance more difficult and fewer people now entering the country, the number of new homes approved for construction continues to decline in NSW. Total seasonally adjusted dwelling approvals in August and September fell in NSW by 2.7 per cent. Apartments are leading the decline with detached house building falling more modestly.
Constraints on the availability of finance are restricting investment in new homes. Population growth has slowed since the federal government introduced stricter visa requirements last year. Recently NSW Premier Berejiklian has weighed into the population debate suggesting an easing of growth for NSW and in particular Sydney be considered.
As global economic conditions improve, skilled migrants who might otherwise consider immigrating to Australia could be more inclined to look to other similar advanced economies where entry requirements are less restrictive which will of course, have long-term effect on the industry.
Good news for buyers – House prices will fall and those looking to build a new home will be presented with fantastic opportunities across greater Sydney as product availability increases.
Contact Bellmarch Homes today to take advantage of the current market conditions