NSW economic activity brings good news for investors
April 30, 2014 / Written by Rich Harvey
The current economic situation in New South Wales should give Australians the push they need to buy investment property in Sydney.
Data from the latest CommSec State of the States report shows that NSW has moved from fifth place to have the third best-performing economy in the nation.
"New South Wales has lifted from equal fifth spot to third, courtesy of improvements in economic growth, business investment, population growth and dwelling starts - on the
latter two indicators it leads other states and territories," the report explained.
Activity was particularly strong in the housing sector in the state, as well. NSW was one of four states and territories where trend housing finance commitments were above decade averages.
Commitments in the state were also above year-ago levels during February.
This translates to good news regarding the potential for rising house prices and capital growth for investors, as more dwelling finance commitments mean higher demand.
However, investors don't have to be too worried about not being able to find real estate to invest in, as NSW is the national leader in new home building.
"NSW is now the strongest in the nation for new housing construction, with starts just over 39 per cent above decade averages," the report continued.
"In addition in the December quarter, the number of dwellings started was 18.1 per cent higher than a year earlier."
With Sydney acting as the crown jewel of economic and housing activity in NSW, this data should go a long way toward convincing those on the fence that now is the time to find a qualified Sydney buyers agent and make the most of the market.