Australia needs to approve about 80,000 more homes annually if the national cabinet is to meet its 1.2 million new dwellings target, according to Oxford Economics.
“There’s no mistake that this is a step down. There’s still a downtrend playing through, which is expected for the rest of 2024,” he said.The decline in the number of approvals for higher-density dwellings, such as apartments and townhouses, was even more stark as it dropped to its lowest levels since 2012.
The decline comes as federal and state governments prepare to unfurl reforms that accelerate the construction of this type of housing. The NSW government is set toin the coming months, which are aimed at accelerating approvals for apartments, townhouses and terraces. The Victorian government is making aWhile higher-density approvals have slowed significantly, private house approvals increased 10.7 per cent month-on-month to 8404, which partially offset the higher-density approval slowdown.