Urban Taskforce CEO, Tom Forrest, said that ABS data released today showed that NSW housing completions collapsed to less than 11,000 in the December 2022 quarter, a fall of more than 13% from the previous quarter.
The ABS data recorded a low-ball 12,583 completions in NSW in the September 2022 quarter. For the December quarter, it was only 10,931.
New housing commencements in NSW also went backwards in the December quarter (down from 11,784 in Sept 2022 to 11,397 in December 2022). On concern is the extent to which the housing supply pipeline is drying up. The same period last year (the December quarter ending December 2021) saw 13,365 new home commencements and that quarter was impacted by the spread of the Omicron COVID-19 variant. The data shows that this year saw a drop in commencements of 15%.
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