While UDIA was pleased to see a surprising uptick in total new building approvals in NSW over the past 12 months, these figures are still 6% down annually, sitting at just over 52,000 total approvals.
Apartment approvals were encouraging, with a +9% annual change to almost 15,000. This is the highest figure since March 2022.
Source ABS, UDIA NSW
However, UDIA calls on the NSW Government to make further progress to maintain this positive trend next month, as apartment approvals still remain 60% below their 2018 peak.
Poor levels of approvals seen over the past two years have had a negative impact on the long term development pipeline, hampering affordability and reinforcing the lack of a healthy housing supply pipeline.
“One critical lever the NSW government can use in addressing the housing crisis, is maintaining a consistent upward trend in apartment approvals in order to provide housing diversity,” said Steve Mann, CEO, UDIA NSW.
The timing is right to build confidence in the apartment market if we are to welcome back international students and encourage skilled workers back into the state.
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media enquiries pls call Deanna Lane on 0416295898 or dlane@udiansw.com.au