The approval of 3,221 higher density apartments during February is the highest monthly number ever in NSW, says the Urban Taskforce.
“The Australian Bureau of Statistics (ABS) monthly results for apartments puts NSW above all states at 3,221 approvals for February but Victoria at 2,938 is close behind,” says Urban Taskforce CEO, Chris Johnson. “We have been graphing the monthly results for many years and we may need to increase the height of the graph to accommodate the boom in apartment approvals.”
“The detached house approvals were dominated by Victoria with 2,832 in February compared to NSW with 2049. This put Victoria in front for total monthly home approvals at 5,826 compared to NSW at 5,269.”
“Clearly NSW and Victoria, and to a lesser extent Queensland, are seeing a structural change in their housing markets with such large number of apartment approvals. In NSW, apartments are well above 60% of home approvals and in Metropolitan Sydney apartments are running at more than 70% of dwelling approvals.”
“There is a strong message to the re-elected Baird Government in this swing to apartment living in terms of reforms to the planning system to be more supportive of what is becoming a dominant housing choice for many people. The Urban Taskforce recently polled Sydneysiders on apartments and found that 50% of Sydney people either lived in or owned an apartment. This included 17% renters, 18% owner occupiers and 15% investor owners.”
“Another positive result for NSW in the ABS monthly data is that NSW leads the country on the value of non-residential building approvals at $806,202,000 followed by Victoria at $603,683,000 and Western Australia at $457,983,000.”
See New Monthly Private sector Higher Density Home Approvals by State graph based on ABS Data below: