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{{propApi.successMessage}} {{region}} Change locationHunter & Central Coast housing approvals fall in 2024
Hunter & Central Coast housing approvals fall in 2024
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“There was a total of 4,808 building approvals across the Hunter in 2024 and 1,052 on the Central Coast. Combined, this is 14 per cent weaker than in 2023, and 19 per cent lower than the pre covid year of 2018.”
“Detached house approvals in the Hunter were steady with an increase of 8 dwellings or 0 per cent change in the 2024 calendar year. Across the region, Lake Macquarie saw the strongest growth in detached house approvals, up by 35 per cent compared to 2023. This was followed by Maitland (+8 per cent), Scone (+7 per cent) and Singleton (+6 per cent).”
“Declines were recorded in all other Hunter LGAs with Port Stephens down 52 per cent, followed by Newcastle (-34 per cent), Muswellbrook (-21 per cent) and Cessnock (-20 per cent).”
“Multi-unit approvals decreased in the Hunter, falling 19 per cent in 2024 compared to the previous year. Declines were the greatest in Newcastle (-37 per cent), Cessnock (-33 per cent) and Lake Macquarie (-14 per cent). Pleasingly growth occurred in Maitland (+29 per cent) and Port Stephens (+6 per cent).”
“On the Central Coast, detached dwellings fell 13 per cent compared to the 2023 calendar year, while multi-unit approvals fell 55 per cent” said Mr Jennion.
“Much of the heavy lifting for the residential sector continues to occur in the local government areas of Lake Macquarie, Maitland, Central Coast, Newcastle and Cessnock. These top 5 locations for approvals accounted for 87 per cent of total approvals”.
“Detached homes remained the preference for home buyers, with the Hunter increasing 5 per cent to account for 63.25 per cent of total approvals, while on the Central Coast it increased by 16 per cent to 66 per cent of all approvals.”
“The value of approved major renovations and alterations was overall steady in 2024. In the Hunter approvals increasing by 3 per cent to $314.8 million, while on the Central Coast the value decreased by 5 per cent to $157.3 million.”
“It is clear that 2024 was a challenging year given the higher cost of borrowing, land, materials and labour.”
“Despite these sobering statistics the prohibitively high cost of housing in some of Australia’s capital cities, especially Sydney, is forcing residents to areas with better economic and home ownership opportunities such as the Hunter and Central Coast.”
“Pleasingly, the relative affordability advantages the region has over other locations will support continued demand for new homes, ensuring the important contribution residential construction provides the local economy continues in the near future,” concluded Mr Jennion.
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