After a drop in late 2015 apartment approval numbers in NSW have bounced back says the Urban Taskforce
“The Australian Bureau of Statistics (ABS) approval numbers for April indicate that apartments are still booming in NSW.” says Urban Taskforce CEO Chris Johnson “ In December 2015 apartment approvals had dropped to 3,159 but in April 2016 they are back up to 3,481.”
“The jump in approvals is in contrast to Victoria where on a trend basis apartment approvals dropped to 2,538 in April indicating a cooling of the Victorian market. This is reinforced by aggressive marketing of Melbourne apartments into the Sydney market.”
“House approvals in Victoria are still very strong with 3,128 in April compared to 2,263 house approvals in NSW.”
“In the non-residential sector the value of approvals has risen in NSW between January and April 2016 while in Victoria the value of approvals has gone downwards.”
“While monitoring housing approvals is useful to assess trends approvals often do not all lead to completions of real homes. It would seem in NSW that there is a significant gap between approvals and completions due to the staging of large projects and to excessive conditions to approvals that can make projects unviable.”
“With a shortfall of almost 6,000 new homes last financial year compared to government projections it is vital that the supply of new houses and of new apartments continues at a strong level in Sydney.”
Higher density Graph in PDF Version Below
