The state’s new home boom drove 6523 approvals at its peak in June 2021, and numbers soared to 9847 a month in the midst of Melbourne’s 2017 apartment surge.
Construction material supply and trades shortages, as well as concerns about major builder collapses would have joined reduced borrowing capacity in turning buyers away from the new home market. Long lag times have meant that rising interest rates have taken a year to impact the number of new homes being approved for construction.
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