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The Australian Bureau of Statistics today released its monthly building approvals data for January 2024 for detached houses and multi-units covering all states and territories.
“Detached home building approvals fell by 9.6 per cent in the month of January 2024. This decline leaves approvals 5.3 per cent lower in the three-month period to January compared to the previous year,” added Mr Reardon.
“Multi-unit approvals have increased by 14.5 per cent in January from very low volumes in the previous month. The three-month period to January saw multi-unit approvals decline by 15.4 per cent compared to the previous year.
“The low volume of building approvals throughout 2023 will see the volume of homes commencing construction continue to slow this year. The rise in the cash rate is the primary cause of this slowdown in approvals.
“Approvals have declined across all jurisdictions, however, there is an increasing divergence among the jurisdictions as the rise in the cash rate falls disproportionately on those markets with higher land costs,” concluded Mr Reardon.
In seasonally adjusted terms, dwelling approvals in the three months to January increased only in Western Australia, up by 26.4 per cent compared to the previous year. Other jurisdictions saw declines in approvals, led by Tasmania (-29.8 per cent), followed by the Northern Territory (-26.0 per cent), New South Wales (-17.6 per cent), South Australia (-13.4 per cent), Victoria (-12.2 per cent) Queensland (-10.0 per cent), and the Australian Capital Territory (-3.9 per cent).
“The ongoing influx of overseas migrants has pushed Australia’s population beyond 27.5 million in the first quarter of the year,” stated HIA Chief Economist, Tim Reardon.
“The Housing Industry Association welcomes the Premier’s announcement today of the NSW Planning System Reforms Bill 2025,” said Brad Armitage, Executive Director NSW.
“The Victorian government’s Housing Statement is almost two years old and while a number of significant planning reforms have been introduced the housing target of 800,000 will not be met as homes need to be built and not just planned,” stated HIA Executive Director Victoria, Keith Ryan.
The Housing Industry Association (HIA) has tabled its submission calling on the Federal Government to act swiftly on the Productivity Commission’s Five Pillars reforms to lift productivity and unlock new housing supply.