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{{propApi.successMessage}} {{region}} Change locationWeakest quarter of building approvals in a decade
Weakest quarter of building approvals in a decade
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The Australian Bureau of Statistics today released its monthly building approvals data for March for detached houses and multi-units covering all states and territories.
“Detached house approvals declined by 2.9 per cent in the month of March to be 15.0 per cent lower than in the same month last year,” added Mr Devitt.
“This continues the long-lagged response of Australian homebuyers to the RBA’s interest rate hiking cycle, with further declines expected in the coming months.
“The adverse impact of last year’s cash rate increases is still to fully flow through to the official data. Further cash rate increases this year will have only added further weight to these declines.
“Multi-unit approvals in 2023 have recorded their lowest levels since 2012. The combination of construction cost blowouts, labour uncertainties, increased compliance costs and taxes on investors has seen approvals for multi-units stall.
“These disappointing approvals numbers are occurring as population growth surges with the return of overseas migrants, students and tourists.
“This imbalance will see the affordability and rental crisis deteriorate further,” concluded Mr Devitt.
Total building approvals were down across almost all the jurisdictions in the March Quarter 2023 compared to the same quarter last year. In seasonally adjusted terms, decreases were led by New South Wales (-34.1 per cent) and Victoria (-26.6 per cent), followed by Western Australia (-14.9 per cent), Tasmania (-10.8 per cent) and South Australia (-5.7 per cent), while Queensland increased by 8.6 per cent. In original terms the Australian Capital Territory saw a decline of 35.3 per cent and Northern Territory was down by 19.1 per cent.
Building Approvals - Australia
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Agreement on Draft NCIF Blueprint an important step forward
“The Housing Industry Association (HIA) took part in the National Construction Industry Forum (NCIF) today and it was encouraging that the Forum reached agreement on establishing a draft ‘Blueprint for the Future’ to drive long-term change in the industry,” said HIA Managing director, Jocelyn Martin.
Building Standards are not planning controls
“The proliferation of building standards in Council planning controls needs to stop now,” said Brad Armitage HIA Executive Director NSW.
Streamlined planning system to deliver more homes for Tasmanians
“It is pleasing to see that should the Tasmanian Liberal Government be re-elected it is committed to planning reform and streamlining approvals that can deliver tangible and improved planning outcomes to get Tasmanians in homes faster,” said HIA Executive Director Tasmania Stuart Collins.
IPART Review of Sydney Water Prices
In line with this, HIA notes that the Sydney Water Price Proposal 2025-30 (SW proposal), highlights the critical relationship between the provision of water related infrastructure and housing delivery, and has set its capital expenditure proposal accordingly.