Today’s ABS residential building approvals data for June shows a decline of 19 % over the last 12 months.
NSW issued 42,100 residential building approvals over this period, which is the worst financial year performance since 2012/13. Driving this result is apartment approvals in NSW falling below 10,000 for the first time since April 2012, now sitting 74% below its September 2016 peak.
“These building approval numbers are an alarm bell that this housing crisis could rapidly escalate into a political crisis if further action isn’t taken,” said Stuart Ayres, CEO, UDIA NSW.
There has never been a more critical time for industry, Local Government, and State Government to come together to set priorities that focus on the crisis of our time – housing.
UDIA calls on the Government to look more closely at already rezoned greenfield locations and to provide the enabling infrastructure investment needed to quickly service these key urban release areas, which can deliver new homes quickly and at scale.
There are also significant opportunities across the state for the Government to provide focused investment and streamlined approaches for apartment projects. This includes pausing government fees and charges to improve feasibility, upfront investment by government in enabling infrastructure and accelerated rezonings and up-zonings in areas where developers can demonstrate they are able to bring homes to market before the end of the five-year Housing Accord.
“Every month of underwhelming data requires another future month of increased approvals for us to have any hope of recovery. We do not want to see these housing targets drift into the realm of impossibility,” said Stuart Ayres.
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Media Enquiries: Deanna Lane – Director of Media & Communications NSW and National 0416 295 898 dlane@udiansw.com.au