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{{propApi.successMessage}} {{region}} Change locationHunter & Central Coast housing approvals 2023
Hunter & Central Coast housing approvals 2023
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“In 2023 total dwelling approvals in the Hunter fell 7.4 per cent, while on the Central Coast total dwelling approvals fell 2.9 per cent compared to the 2022 calendar year,” said Craig Jennion, HIA Hunter Executive Director.
“This in contrast to all states and territories that saw a greater decline in the 2023 calendar year. Nationally total approvals fell 15.4 per cent, while in NSW approvals fell 17.7 per cent.
“There was a total of 4,786 building approvals across the Hunter in 2023 and 1,586 on the Central Coast. Combined this is 6.3 per cent weaker than in 2022, and 15.2 per cent lower than 2021. It is 12 per cent lower than the pre covid year of 2018.
“In the Hunter detached homes remained the preference for home buyers, accounting for 55.6 per cent of all approvals. This is despite a 17.7 per cent increase in multi-unit approvals. On the Central Coast the mix was more even, with multi-unit approvals remaining a slight preference, accounting for 50.2 percent of all approvals.
“Much of the heavy lifting for the residential sector continues to occur in the statistical areas of Central Coast, Newcastle, Lake Macquarie, Maitland and Cessnock. These top locations for approvals accounting for 89.5 per cent of total approvals”, said Mr Jennion.
“Regionally Newcastle was the biggest mover with total housing approvals increasing by 114 per cent. Detached dwelling approvals increased 16 per cent while multi-unit approvals increased by 159 per cent. Strong approvals in the December Quarter 2023 assisted this result.
“The value of approved major renovations and alterations increased in 2023, with Hunter approvals increasing by 10.7 per cent to $306.2 million and the Central Coast increasing by 2.9 per cent to $165.2 million.
“Looking ahead, residential building activity will remain strong on the back of the pipeline of work approved over the past two years, however the impact of increases in interest rates and construction costs has impacted consumer confidence for detached dwellings.
As a result, further growth in multi-unit approvals is expected in the coming years supported by strong intrastate migration.
“Pleasingly, the relative affordability advantages the region has over other locations will support continued demand for new homes, ensuring the important contribution residential construction provides the local economy continues,” concluded Mr Jennion.
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