Urban Taskforce Australia CEO, Tom Forrest, said today that the ABS approvals data confirms what we all knew: it’s official, things are bad in the property development sector.
As we commence the third year of the National Housing Accord, despite some good work from the states on planning reforms, the bigger economic picture has left the delivery of new dwellings a long way behind.
The approvals data today went backwards across Australia, led by a significant decline in the new dwelling approvals rate in NSW. If it were not for a significant jump in Victoria, today’s numbers would be disastrous.
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