New South Wales (NSW) is on track to have a shortfall of 300,000 properties by 2014, the Urban Taskforce has claimed.
The organisation asserted that not enough Australian properties are being built in the state.
This was evidenced in a recent report by the Australian Bureau of Statistics, which revealed that seasonally adjusted approvals for new private sector homes rose by just 0.5 per cent in April.
"No-one should draw false comfort from this … increase in private sector housing approvals," said the Taskforce's chief executive Aaron Gadiel.
"In three of the last six months, we've seen significant seasonally adjusted falls in new home approvals," he added.
What this does mean, however, is that competition is increasing for existing property in Australia, which could lead to an increase in the profits of savvy investors.
Back in March, a report from the Australian Bureau of Statistics revealed that New South Wales experienced the highest amount of population growth from the end of September 2009 to the end of the same month last year.
Posted by Steve Douglas
The organisation asserted that not enough Australian properties are being built in the state.
This was evidenced in a recent report by the Australian Bureau of Statistics, which revealed that seasonally adjusted approvals for new private sector homes rose by just 0.5 per cent in April.
"No-one should draw false comfort from this … increase in private sector housing approvals," said the Taskforce's chief executive Aaron Gadiel.
"In three of the last six months, we've seen significant seasonally adjusted falls in new home approvals," he added.
What this does mean, however, is that competition is increasing for existing property in Australia, which could lead to an increase in the profits of savvy investors.
Back in March, a report from the Australian Bureau of Statistics revealed that New South Wales experienced the highest amount of population growth from the end of September 2009 to the end of the same month last year.
Posted by Steve Douglas
