Housing shortage: New home approvals rise to six-month high

Already a subscriber?New housing approvals in May fell almost a third short of the 20,800 monthly rate effectively needed to reach national cabinet’s 1.2 million new homes a year, even as they picked up at their fastest rate in six months.

Yours for $20,000 per square metre: Kokoda Property has received approval for its $1.5 billion Skyring Terrace project at 17-27 Skyring Terrace in Brisbane’s Teneriffe. A display suite will open in the next six weeks and formal sales would then start of the units that will have an average selling price of $20,000 per square metre, ranging from the high $1 millions for a two-bedroom apartment, to penthouses going “north of $20 million”, he said.

Over the 12 months to May, there were 160,778 new home approvals nationally, well short of the 240,000 yearly number of homes the country needs to meet the 1.2 million target.

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