APPROVALS to build private homes in NSW have plunged to their lowest level in nearly half a century, new figures show.
Amid higher borrowing costs and high home prices relative to incomes, 1150 private houses were approved in NSW last month, the lowest number since 1964, discontinued figures from the Bureau of Statistics obtained by UBS show.
Highlighting the magnitude of the housing squeeze under way, NSW had to house roughly half the population in the 1960s that it has to house now - 4 million people versus 7 million. read more
