Urban Taskforce, CEO Tom Forrest issued a media release earlier today – ABS data shows planning approvals remain stubbornly low
Today’s ABS data shows that whilst new home building approvals in NSW had risen since the disastrous historic low in January, the monthly approvals data only reached half of that needed to get close to delivering the NSW share of the National Housing Accord.
Apartment approvals in built up urban areas (known in ABS jargon as multi-unit dwellings) have remained stubbornly low and have been low since early 2019.
In aggregate, the annual number of approvals needs to be over 70,000, as it was between 2016-2018. NHFIC today released its annual “State of the Nation’s Housing” Report which showed that they expect there to be an on-going shortage in new home completions. A monthly approvals figure of only 3,000 simply will not do the job.
Click here to read the media release in full.
