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The Australian Bureau of Statistics today released its monthly building approvals data for November 2023 for detached houses and multi-units covering all states and territories.
“The fall in this month’s figures sees approvals in the three months to November lower by 8.0 per cent compared to the same period in the previous year,” added Mr Reardon.
“The low volume of building approvals throughout 2023 will see the volume of homes commencing construction continue to slow this year.
“Other leading indicators of activity in the housing market, such as new home sales and housing finance data, are also consistent with their confirmation of this projected slowdown.
“The rise in the cash rate is the primary cause of this slowdown in approvals.
“A continued fall in the number of new homes approved indicates a slow start to the Australian government’s ambition to build 1.2 million new homes in five years starting mid-2024,” concluded Mr Reardon.
In seasonally adjusted terms, decreases in house approvals in the three months to November compared to the same period in the previous year were led by New South Wales (-16.0 per cent), Victoria (-7.2 per cent), South Australia (-6.6 per cent) and Queensland (-6.0 per cent). Western Australia saw a 5.4 per cent increase over the same period. In original terms, detached approvals in the same period fell in the Northern Territory (-30.5 per cent) and in Tasmania (-21.9 per cent), while the Australian Capital Territory saw an increase (+3.0 per cent).
“There were 9,490 detached homes approved in the month of April 2025, up by 3.3 per cent compared to the previous month,” stated HIA Senior Economist Maurice Tapang.
The Treasurer has handed down the 2025/26 Tasmanian Budget. The Budget focuses on alleviating cost of living pressures, health, education and infrastructure, while mapping out a path to a fiscal balance surplus in 2032/2033.
“The NSW planning system has failed to deliver the number of homes we desperately need and we fully support removing the politics from housing, to address this growing crisis,” said Brad Armitage, HIA Executive Director NSW.
The Victorian Opposition’s announcement that it would remove stamp duty for first-home buyers spending up to $1 million on a new or existing home if elected at next year’s state election, is a positive step towards improving home affordability,” says Steven Wojtkiw, HIA Victoria Deputy Executive Director.