The Urban Developer
AdvertiseEventsWebinarsUrbanity
Industry Excellence
Urban Leader
Sign In
Membership
Latest
Menu
Location
Sector
Category
Content
Type
Newsletters
Urban Leader Awards Logos RGB White
NOMINATIONS CLOSE SEPTEMBER 12 RECOGNISING THE INDIVIDUALS BEHIND THE PROJECTS
NOMINATIONS CLOSING SEPTEMBER 12 URBAN LEADER AWARDS
LEARN MOREDETAILS
TheUrbanDeveloper
Follow
About
About Us
Membership
Awards
Events
Webinars
Listings
Resources
Terms & Conditions
Commenting Policy
Privacy Policy
Republishing Guidelines
Editorial Charter
Complaints Handling Policy
Contact
General Enquiries
Advertise
Contribution Enquiry
Project Submission
Membership Enquiry
Newsletter
Stay up to date and with the latest news, projects, deals and features.
Subscribe
ADVERTISEMENT
SHARE
print
Print
ResidentialLindsay SaundersFri 05 Apr 24

Nation’s Apartment Approvals Crash to 11-Year Low

A fall in apartment approvals nudging 25 per cent across February has driven the annual approval rate to a 11-year low.

New data from by the Australian Bureau of Statistics (ABS) revealed home approvals fell 1.9 per cent across February (seasonally adjusted), after a 2.5 per cent fall in January.

ABS head of construction statistics Daniel Rossi said approvals for private sector homes excluding houses fell 24.9 per cent in February, driven by a fall in the number of approved large apartment projects.

He said approvals for private houses rose 10.7 per cent for the month.

Approvals for private sector houses rose in all states: Western Australia (20.7 per cent),  New South Wales (17 per cent), Victoria (12.4 per cent), Queensland (3.4 per cent), and South Australia (2 per cent).

Queensland’s total dwelling approvals across February were a train wreck, crashing 28.5 per cent.

Everywhere else, total approvals rose—Tasmania (up 39.3 per cent), New South Wales (23.4 per cent), South Australia (15.4 per cent), Victoria (2.1 per cent), and Western Australia (0.9 per cent).

Oxford Economics head of Property & Building Forecasting Timothy said the data revealed total home approvals were running at 163,099 year-on-year (original terms), a level well below Australia’s underlying home requirement.

In fact, it is the lowest level since March, 2013.

Home approved, states and territories, seasonally adjusted

graph showing home approvals buy houses and units for february 2024 broken down by state
▲ Source: ABS

Hibbert said Australia has a significant stock deficiency, which is set to grow further in coming years.

“Beyond the approval stage, construction timeframes remain extended and will slow the addition of new projects to the housing stock,” Hibbert said.

But, Hibbert said, leads had brightened, especially for houses.

“Development enquiries, land sales, and construction finance data points suggest a turning point in the coming months,” Hibbert said.

The value of total building approved fell 16.5 per cent after a 14.5 per cent rise in January.

The value of total residential building fell 16.8 per cent, comprised of a 19.1 per cent decrease in the value of new residential building and a 0.1 per cent fall in alterations and additions.

The value of non-residential building fell 16 per cent, after a 11.6 per cent rise in January.

Urban Taskforce chief executive Tom Forrest, said that “everyone now agrees there is a supply crisis, and everyone says they are on board with the need for more housing supply to fix the crisis, but the numbers show that the pipeline of housing supply is dry”.

“With less than 100 days until the start of the National Housing Accord, which kicks in on July 1, ABS housing approvals data ... show no sign of improvement and should act as a wake-up call to the Albanese Government to allocate billions in next month’s budget to housing-enabling water and roads infrastructure,” Forrest said.

ResidentialAustraliaSector
AUTHOR
Lindsay Saunders
The Urban Developer - News Editor
More articles by this author
linkedin icon
ADVERTISEMENT
TOP STORIES
Stockland bumps up its apartment pipeline in melbourne and sydney
Exclusive

Stockland Re-Enters Density in $5bn Apartment Play

Renee McKeown
4 Min
Woolloongabba Precinct Vulture St
Exclusive

Brisbane Developer in Cross River Rail Compensation Tussle

Clare Burnett
4 Min
The Mondrian Gold Coast hotel's food and beverage is driving profits
Exclusive

Touch, Taste, Theatre: What’s Driving Mondrian’s Success

Renee McKeown
6 Min
Fortis’ display suites are designed as brand environments first, with tactile details and curated design to build buyer confidence before project specifics.
Exclusive

Relevant or Redundant: Will Tech Kill Display Suites?

Vanessa Croll
7 Min
Exclusive

Missing Heart: Why The Gold Coast Needs a CBD

Phil Bartsch
7 Min
View All >
South Melbourne social housing precinct
Affordable & Social Housing

South Melbourne Housing Precinct Revamp Takes Next Step

Leon Della Bosca
Stockland bumps up its apartment pipeline in melbourne and sydney
Exclusive

Stockland Re-Enters Density in $5bn Apartment Play

Renee McKeown
JQZ Parramatta EDM
Residential

JQZ Plots 10-Storey Addition to Parramatta ‘Auto Alley’ Plans

Clare Burnett
The Sydney developer is pushing ahead with a project it picked up following the collapse of Dyldam in 2020....
LATEST
South Melbourne social housing precinct
Affordable & Social Housing

South Melbourne Housing Precinct Revamp Takes Next Step

Leon Della Bosca
2 Min
Stockland bumps up its apartment pipeline in melbourne and sydney
Exclusive

Stockland Re-Enters Density in $5bn Apartment Play

Renee McKeown
4 Min
JQZ Parramatta EDM
Residential

JQZ Plots 10-Storey Addition to Parramatta ‘Auto Alley’ Plans

Clare Burnett
3 Min
Aerial view of Caboolture and Bruce highway to Brisbane with Bribie Island Road crossing, Queensland, Australia
Policy

Queensland’s $2bn Push Opens New Housing Front

Vanessa Croll
2 Min
View All >
ADVERTISEMENT
Article originally posted at: https://www.theurbandeveloper.com/articles/abs-approvals-february-2024