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CEO of Urban Taskforce Australia, Tom Forrest said that today’s ABS data on housing approvals shows some significant improvement on the national housing approvals front, but the poor annualised performance of NSW remains a significant concern.
The ABS data shows that nationally, the approvals rate has risen to over 180,000 new homes in the last 12 months, well above the low point in the 12 months to March 2024.
Today’s annualised ABS data reflects a trend in the right direction, and this is welcome news for the property sector and for the Albanese government.
With the re-election of the Albanese government, the National Housing Accord targets will remain. That target is 1.2 million new homes over 5 years (equating to 240,000 new homes per year), starting from July 1, 2024.
The ABS data shows the importance of pushing ahead with the delivery of the commitments made during the election campaign as soon as possible.
With Max Chandler-Mather vanquished from the Parliament, hopefully the Greens have learnt their lesson and won’t block housing supply legislation again.
NSW is the state dragging the chain on housing approvals. Western Australia is leading the nation on approval numbers. The data in WA shows they have increased the number of approvals in the 12 months to March 2025 by 46% over the 12 months to March 2024.
NSW, in contrast, has gone backwards, reflecting the time the planning system wasted with minor tinkering before Premier Chris Minns and Minister Scully announced the new Housing Delivery Authority in December 2024.
While lagging well below the Accord targets, the chart below shows that, as a nation, Australia is trending upwards while NSW approvals remain stubbornly low. This must be a focus for both the Albanese and Minns governments in coming months.
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