30 August 2016
Monthly housing approvals for July 2016 for NSW have hit an all-time high with 6,545 approvals, says the Urban Taskforce.
“NSW housing approvals have taken off again after a recent slow-down,” says Urban Taskforce CEO, Chris Johnson. “The July approvals from the Australian Bureau of Statistics indicate a record 6,545 approvals in trend terms.”
“The apartment market is taking over NSW and Sydney housing numbers with 4,178 approvals in July compared to 2,367 house approvals. Apartments are clearly the way of the future in terms of urban living in Sydney and NSW towns.”
“The uplift in apartment approvals compares to 5,495 approvals in November 2015 when NSW was slowing down with approvals. The apartment market can go up and down as big projects get approved in a particular month.”
“While approvals are looking good for NSW this does not necessarily mean that they will all convert to completions as further detailed approvals are required from concurrence agencies and the buyer market may slow down.”
“The July ABS data also shows an uplift in the value of non-residential building approvals to $960,102,000 compared to $767,194,000 in January 2016. This is a big jump in 6 months but this may be through one or two large projects being approved.”
“Overall the NSW housing and non-residential approvals have reached a high point compared to the previous decade which is good news for housing supply and the jobs that go with construction. There are however some signs that changes to planning processes may throttle back the growth to a lower level.”
See graphs based on ABS in the PDF link below.
