1338.1 - New South Wales in Focus, 2008 (Reissue)
ARCHIVED ISSUE Released at 11:30 AM (CANBERRA TIME) 17/06/2008 Reissue
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Data cubes with detailed statistics available on the Details Page STATISTICAL HIGHLIGHTS Housing satisfies a fundamental human need for shelter, privacy and security. Having a suitable place to live is a key component of people's identity and wellbeing. Housing also impacts upon the economy with its influence on investment levels, interest rates, building activity and employment. Likewise, home ownership can provide financial benefits to the owner when it represents the accumulation of an asset. Housing costs as a proportion of gross household income For recent home buyers in Sydney - those who purchased in the last three years - housing costs as a proportion of their gross household income was 27% in 2005-06, compared with 23% in 1999-00. On average, first home buyers in Sydney were paying 29% of their gross household income on housing costs in 2005-06. The housing costs of Sydney private renters as a proportion of their gross household income has remained relatively steady up to 2005-06 (21%). Housing costs as a proportion of gross household income(a)(b), Sydney Housing finance commitments Housing market demand can be reflected in the value of housing finance commitments (i.e mortgages). Since 1999-00, the value of finance commitments for owner occupier households in NSW has grown at a relatively steady rate. The value of investor dwelling commitments grew more rapidly to a peak in 2003, representing over 50% of the value of commitments, then declined to 2006-07 (40% of commitments). The combined value of housing finance commitments (owner occupiers and investors) rose to a peak in 2003-04, followed by a brief decline and slower growth since. This reflects the pattern of movement in the established house price index in Sydney. House price index(a)(b), Sydney New houses approved and completed New housing approvals and completions help maintain the available supply of housing. In recent years there has been a marked decline in the number of new houses approved and completed in NSW. In 2006-07, the number of houses approved for construction had decreased by 43% compared with 2001-02 (11,758 fewer houses approved in 2006-07). The introduction of The New Taxation System (TNTS) in Australia in July 2000, which incorporated the Goods and Services Tax (GST) and the First Home Owners Grant (FHOG) scheme had a marked impact on the industry between 1999-00 and 2001-02. Number of new houses approved and completed, NSW: Original Housing – Summary Table Data cubes with detailed statistics available on the Details Page Document Selection These documents will be presented in a new window.
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