It's admittedly a dry read on the whole, the NSW 2013-2014 State Budget revealed some interesting real estate trends in the state.
In particular, Charts 1.6 and 1.7, which I have copied in below.
Firstly, Chart 1.6 shows dwelling approvals in the state:
Naturally, we are more interested in dwellings constructed than dwellings approved, but despite what you read elsewhere this is a very promising trend and suggests that the planned increase in construction could be gathering momentum in the pipeline. That's good news.
Secondly, see Chart 1.7 below:
Interesting.
Despite much media talk about a "first home buyers strike", the numbers buying new homes at least has been picking up. As a percentage of FHB's buying newly constructed dwellings, the ratio is well up to around 40%.
This shows that the extension of the First Home Owners Grant (FHOG) in October 2012 to $15,000 for newly constructed dwellings, is beginning to work.
As for those who reported that prices were falling, citing the 'Daily Index' last month? Well, the 'Daily Index' is up more than 1% in June for Sydney. Year-on-year prices are up gently by around 4.5%.
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