The Australian Bureau of Statistics May 2019 data on housing approvals has NSW as flat, but apartment approvals improving, says the Urban Taskforce.
“Overall New South Wales housing approvals have remained flat in the May ABS data released today.” says Urban Taskforce CEO Chris Johnson. “The May 2019 approvals for all housing was 4,659 (trend) which is slightly down from the November 2018 figure of 4,721.”
“The detached house approvals were slow in May, with 1,978 (trend) approvals compared to the 2,438 approvals in November 2018. In the higher density apartment approvals there seems to be a revival in approval numbers with the May 2019 figure of 2,681, compared to the November figure of 2,283.”
“Hopefully this improvement of 17 per cent in apartment approvals in NSW signals the beginning of an upward swing in this area of the housing market. After the federal election of the Morrison Government there was a definite improvement in confidence in the development industry, with changes to negative gearing not occurring. The reduction in interest rates by the Reserve Bank of Australia, along with APRA’s easing of credit restrictions, have also added to the more positive environment in investment in new property.”
“The Urban Taskforce believes the NSW Government must also send positive signals about the need to continue with housing supply meeting targets so that supply meets demand. It is also important that the large number of jobs that flow from the residential construction sector in NSW are maintained.”
Graphs based on ABS data demonstrating current trends are linked below.
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