Recent figures for building approvals reveal a marked improvement in New South Wales' housing sector.
The Australian Bureau of Statistics reported a 25.1 per cent rise of total seasonally adjusted building approvals for the month of May.
While detached dwellings saw just a modest rise of 3.2 per cent, multi-units jumped an astounding 50.9 per cent.
Housing Industry Association executive for New South Wales David Bare attributed the improvement to a combination of causes.
"There are a few factors driving this result, the 50 basis point cut to the RBA cash rate early in May is an obvious one, however the impact of activity being brought forward as the Home Builders Bonus scheme drew to a close is likely to have exerted the greatest influence here," he explained.
"Clearly this is positive news for new home building in NSW, even though the uplift in activity is coming from quite a low building approval level in April and monthly figures can be somewhat volatile,” said Mr Bare.
He expects further improvement in housing if new initiatives implemented with the state budget are carried out successfully.
