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Bright outlook for housing in New South Wales

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MPS 14/84

EMBARGO: 5.00 p.m. Sunday 1 April 1984


"The housing construction recovery should continue into 1984-85 with significant benefits for our community", the Federal Minister for Housing and Construction, Mr Chris Hurford, said today.

Mr Hurford was commenting on forecasts contained in the latest report on short-term prospects prepared by the Indicative Planning Council for the Housing Industry.

"The Council has forecast that dwelling commencements in New South Wales are likely to be in the order of 38,000 in 1983-84, 30 per cent up on the 1982-83 total. Commencements in 1984-85 should increase 13 per cent to 4 3,000" , Mr Hurford added.

"The forecasts clearly show that the Government's objective of boosting the housing industry has been successful.

"The Report attributes the success of the housing recovery to the increased availability and reduced cost of housing finance, consumer confidence in economic recovery and the continued success of the Government's First Home Owners Scheme".

"Mr Bob Thompson, Chairman of the New South Wales Committee of the Council, has advised me that banks and building societies are approving loans at a very high level and this should continue into 1984-85".

"I am pleased to note that, although there will be a fall in land stocks in Sydney in 1984-85 , the availability of land, labour and materials will not constrain industry activity".

"Nevertheless the Government is concerned to ensure that the recovery is not affected by resource availability. Accordingly I have instructed my Department to monitor the resources situation and have asked the council to prepare a report on

industry capacity".

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Mr Hurford expressed his appreciation of the work of the Indicative Planning Council, the Government's major advisory- body on current and prospective activity levels in the housing i ndust r.y.

Canbe rra

1 April 1984

Media Contact: Mr Len Early (062) 581187 (AH)

( 0'6 2) 726635 (BH)