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{{propApi.successMessage}} {{region}} Change locationAll levers must be pulled to fast track-housing
All levers must be pulled to fast track-housing
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The Australian Bureau of Statistics today released its monthly building approvals data for June 2024 for detached houses and multi-units covering all states and territories.
“The performance over the last year is a far cry from the 240,000 new homes that the Australian Government wants to see built in each of the next five years,” added Mr Devitt.
“New home approvals are down by 18.7 per cent compared to 2021/22, just as the RBA started increasing interest rates.
“Residential building approvals have declined by a further 7.8 per cent in 2023/24 compared to the previous financial year.
“There were 105,920 approvals for detached houses in the past twelve months to June 2024, down by 1.3 per cent on the previous year. This was the second weakest year since 2012/13.
“There were also just 57,400 multi-units approved for construction, down by 17.8 per cent on the previous year and the weakest year for higher density housing since 2009/10.
“The last time Australia saw this few new homes approved in a financial year was 2011/12, not coincidentally following the RBA’s last rate hiking cycle. At that point, the RBA had already started dramatically cutting rates again.
“Performance across different jurisdictions is starting to diverge, with those outside of New South Wales and Victoria producing the strongest indicators of a coming recovery.
“Western Australia is leading the way with a recovery in residential building approvals.
“The weakness of Australia’s two largest states is due to the high cost of delivering a new home to market in Sydney and Melbourne.
“There persists significant uncertainty around the RBA’s battle against inflation. It is up to other policymakers to reduce the cost of construction if Australia were to build sufficient new housing.
“This means easing of tax and regulatory burdens, bringing infrastructure and shovel-ready land to market faster, implementing genuine planning reform and facilitating higher density development in existing suburbs close to jobs and transport,” concluded Mr Devitt.
Total dwelling approvals in the 2023/24 financial year in seasonally adjusted terms increased by 23.3 per cent in Western Australia compared to the previous year. All other states declined, led by New South Wales (-17.8 per cent) and Tasmania (-15.1 per cent), followed by South Australia (-9.9 per cent), Queensland (-8.0 per cent) and Victoria (-6.7 per cent). In original terms, the Australian Capital Territory also increased by 16.8 per cent, while the Northern Territory declined by 38.5 per cent.
Monthly Building Approvals - Australia
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