The NSW Treasury's 10 reasons why the property market is on the mend

The NSW budget papers gave 10 key reasons for the sense of an underlying strenthening in the NSW  housing sector.

They were:

1) interest rates at historically low levels;

2) consumer confidence has increased;

3) housing finance approvals are trending up;

4) building approvals are increasing;

5) vacancy rates are low and rents are rising strongly;

6) housing prices have begun to increase;

7) housing affordability improved steadily in 2012-13;

8) rising investor demand;

9) high auction clearance rates;

10) and underlying demand remains strong driven by demographic trends, including higher population growth and solid household income growth.

Source: NSW State Treasury budget papers.