26 July 2016
The Housing Monitor for the Greater Sydney Region recently released by the NSW Government lists four of the top ten suburbs in housing completions as being dominated by apartments, says the Urban Taskforce.
“The suburbs of Sydney, Parramatta, Ryde and Rockdale lead the housing completions over twelve months with mainly apartments constructed,” says Urban Taskforce CEO, Chris Johnson. “The other suburbs in the top ten for housing completions which are mainly detached houses include Blacktown, Camden, Liverpool, Penrith, The Hills and Campbelltown.”
“The Housing Monitor is a good advancement on the previous reporting on housing completions and the Department of Planning is to be congratulated for producing a user friendly, interactive site that gives up to-date statistics. (The data can be accessed through this link: http://www.planning.nsw.gov.au/Research-and-Demography/Research/Housing-Monitor-Reports/Metropolitan-Housing-Monitor-Sydney-Region).The next step will be to develop Just-in time reporting on completions rather than waiting for a few months.”
“The latest monthly data shows a rolling annual completion count up to the end of April 2016 with 27,208 housing completions. This is 6,000 below the governments expected completions of 33,200 a year to match the 20 year growth projection of 664,000 new dwellings.”
“The annual completion figure is below the financial year completions of 1999-2000 at 30,520 and 2000-2001 at 28,598 but well ahead of 2011-2012 where only 15,104 housing completions occurred. There has been a steady climb up to the 2014-2015 completions of 27,348 but it appears the climb has now levelled off.”
“The City of Sydney is the leading performer with a total of 2,620 completions composed of 2,593 multi units (mainly apartments) and only 27 detached dwellings. The complete opposite occurs for the second highest suburb where Blacktown has 2,482 completions composed of 660 multi units and 1,822 detached dwellings.”
“Sydney seems to be falling into two types of suburb. There are those that are brown field apartment suburbs like Sydney, Parramatta, Ryde and Rockdale and those that are greenfield detached house suburbs like Blacktown, Camden, Liverpool, Penrith, The Hills and to a lesser extent Campbelltown.”
See table below:
“The Urban Taskforce will carefully monitor the new data on housing completions so that we can highlight Just-in time actions that may be required to correct down turns. The recent imposition of an extra 4% stamp duty on foreign investors, the introduction of the additional 0.75 percent land tax from 2017, the downtime from council amalgamations and the trend to add value capture taxes to projects could slow down housing production.”