The total number of dwellings approved rose 4.4 per cent in September to 14,842, after a 3.9 per cent fall in August, according to seasonally adjusted data released today by the Australian Bureau of Statistics.
Approvals for private dwellings excluding houses (which includes townhouses and apartments) rose 4.7 per cent to 4,653 but remain subdued after a 13.5 per cent fall in August.
Over the last 12 months, only 56,186 apartments and townhouses were approved. Over the same period in 2017-18 approvals were at 102,323.
Property Council Group Executive Policy and Advocacy Matthew Kandelaars said despite the increase in homes approved, we still have work to do.
“While it is pleasing to see an uplift in the number of homes approved, we won’t meet our housing targets unless we keep increasing this at pace,” Mr Kandelaars
“Consistent results like this, month after month, are essential.
“It is particularly apparent that we are just not building apartments at the levels we used to, and those approvals remain below where they need to be.
“We only approved about half of the apartments over the last 12 months than in the same period in 2017-18. High construction costs, sluggish planning processes and taxes that hinder apartment projects are now limiting supply.
“As Parliament returns next week, we need to see genuine movement to address our housing crisis and boost apartment construction. We cannot allow this issue to fester as we head into the election silly-season.
“The quickest and most obvious path forward is to back build-to-rent legislation supported by the Property Council, Community Housing Industry Association and ³Ô¹ÏÍøÕ¾ Shelter, which could facilitate the construction of 105,000 new apartments by 2034, including 10 per cent designated as affordable housing.
“There is no cheaper, better way available to create a record-setting housing contribution by a Federal Parliament,” he said.
