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Sydney homebuilding steps up

Sydney homebuilding steps up

Over 3,000 homes are to be built in the south-west of the city.

The state government will build thousands of new homes in Sydney next year after rezoning land in the Catherine Field precinct near Campbelltown.

Over 3,000 properties will be build at the site, NSW Premier Barry O'Farrell announced. 

He cited figures released by the Australian Bureau of Statistics that show 44,628 new homes were approved in the 12 months to October 2013, which was the highest level since 2005. 

Mr O'Farrell said: "We are making homes more affordable and in the process western Sydney is being transformed into a tradies' paradise, with the creation of thousands of jobs in construction."

The NSW premier added that the rezoning of the Catherine Field precinct tops off a good year for the area's property sector, as 2013 included a "massive" number of home approvals, as well as a "huge" increase in the take-up of the NSW government's First Home Owner Grants. 

Sydney house prices performed well in 2013 too, but RP Data national research director Tim Lawless has told the Daily Telegraph he expects growth to slow during 2014. 

He explained rental yields have fallen as values rose faster than rental rates. 

Posted by Steve Douglas

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