Foundations for a strong property market are in place

ABS figures released yesterday show finance approvals for construction and purchase of new homes increased 9.7 per cent across NSW throughout 2012

AUSTRALIAN Bureau of Statistics figures released yesterday show finance approvals for construction and purchase of new homes increased 9.7 per cent across NSW throughout 2012, according to a release from NSW Government Planning and Infrastructure Minister Brad Hazzard.

"NSW Government measures to increase housing supply across the State are making a difference and giving homebuyers a step up on the property ladder," Mr Hazzard said.

"We are constantly seeing NSW buck the national trend when it comes to housing approvals. 

"The latest finance approvals for construction and purchase of new homes in NSW are also a 3.1 per cent increase above the decade average.

"Helping to contribute to new homes is the NSW First Homebuyer Grant that is one of the most generous in Australia.

"Since October 2012 the grant has more than doubled to $15,000 to help first homebuyers purchase a new home.

"In addition, anyone who purchases vacant land worth up to $450,000 for a new home will receive the New Home Grant.

"In the final three months of 2012, the number of new homes being built or purchased by first home buyers was four times greater than the same period in 2011.

"As part of the former NSW Labor government, John Robertson oversaw 50 year lows in housing starts.

"Unlike Labor, the NSW Government is committed to increasing housing supply across the State and ensuring all residents can live the great Australian dream of owning their own home."

Originally published as Foundations for a strong property market are in place