The number of dwellings approved in October saw an increase, according to data from the Australian Bureau of Statistics (ABS). This rise was attributed to a surge in apartment developments approved in New South Wales and Victoria. The total number of dwellings approved rose by 6.1 percent year over year to 15,498 in October. Specifically, there were 2,782 approvals for apartments in nine or more storey blocks, the highest number since January of the same year.
Private sector dwellings excluding houses saw a 7.1 percent increase to 5,859, while approvals for private sector houses edged up by 2.4 percent to 9,191. Maurice Tapang, an economist at the Housing Industry Association (HIA), noted that households are increasingly turning to new home building due to low unemployment rates and strong housing demand, despite no reduction in the cash rate.
Tapang highlighted that October marked the highest number of approvals in nearly two years. The Property Council of Australia (PCA) also welcomed the increase in approvals but emphasized the need for sustained growth in the sector.
Additionally, the Albanese government announced a $70 million investment in South Australia to accelerate the construction of 3,641 dwellings in key growth areas. This includes the development of 1,000 new homes in Thebarton, with a focus on affordability, as well as 700 affordable homes in the City of Playford. The government aims to address housing shortages by streamlining planning processes and implementing policies to expedite construction projects.
Source link
