Today, ABS released the latest Update of Building Approvals data and this shows the Central Coast is still at the low bar, currently underpinning council and state government planning assumptions. The data also shows a worrying trend that building approvals are not improving and shows that all typologies are still well below their peak.
The residential rental vacancy rate is 1.0% as of March 2024 in Central Coast, well below the healthy 3% target. This indicates insufficient supply of housing to meet the current needs of the Central Coast community, which means the number the Department of Planning, Housing and Infrastructure (DPHI) and council are using to measure performance is too low.
DPHI has also acknowledged that housing targets need to increase to meet the NSW Government’s commitments under the National Housing Accord. DPHI will adjust the housing targets later this year, and we expect the housing target for the Central Coast to go up.
“UDIA analysis of ABS data shows that the Central Coast is capable of delivering more housing. In 2018 and 2021, the Central Coast saw higher building approvals across apartments and detached houses respectively, demonstrating the region is capable of performing well above current levels ,” said Allison Basford, UDIA Central Coast Chapter Chair.
But today’s ABS figures in the graph below show we are no longer at peak housing performance on the Central Coast.
Source: ABS, UDIA NSW
UDIA is working to increase the attractiveness of the Coast for development investment. As part of our advocacy with state and local government to tackle the big issues to reduce the risk of investment, we have identified actions that will work to deliver better housing options when and where they are needed, including:
- improving DA timeframes,
- ensuring the enabling infrastructure like roads, water, sewer and power are delivered, and
- assisting the NSW Government to target important lands for biodiversity conservation and develop where possible through a Central Coast Strategic Conservation Plan which is expected to be exhibited later this year.
Key Points from the data:
- 1,600 total approvals in the 12 months to March 2024 (+8% rise annually) (-31% compared to January 2019 peak)
- 800 detached house approvals in the 12 months to March 2024 (-4% rise annually) (-29% compared to November 2021 peak)
- 550 apartment approvals in the 12 months to March 2024 (+31% rise annually) (-45% compared to May 2018 peak)
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Media enquiries: Deanna Lane, Director Media & Communications 0416 295 898 dlane@udiansw.com.au