“Now that the election is out of the way, the number one priority for 2025 has to be addressing the housing crisis in the nation’s capital,” said Greg Weller, HIA Executive Director ACT & Southern NSW.

“The latest HIA Housing scorecard paints a grim picture for the current state of the residential building industry in Canberra. The Territory sits in seventh place in the national rankings, down one spot from the last report.
 
“Of the thirteen housing related metrics measured – including approvals and commencements across dwelling types, finance and immigration – the ACT ranked last in the nation in eight categories. 
 
“This is a dramatic turnaround from the pandemic, when we spent several quarters at the top of the table. The Territory is now particularly weak in renovations and detached houses, compounded by the exodus of local residents to other jurisdictions and the absence of non-first home buyers in the market. 
 
“Approvals for new detached houses are at record lows, now sitting at 49.3% below the decade average, while commencements reached a fresh new record low of just 172 new houses in the latest quarter, 47.9% below the decade average.
 
“The one bright light in the report was the multi-unit sector, which continues to outperform other markets, ranking second in the nation for commencements and work under construction.

“Overseas migration was also a better performing area for the ACT, while activity for first home buyers and investors also showed some promise.

“Throughout the recent election campaign, HIA promoted policies to improve housing delivery, and while the campaign is over, these ideas all still have much relevance. We look forward to the opportunity to work with the government in 2025 to progress them,” concluded Mr Weller.  

Download HIA Housing Scorecard Report

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