New ABS data showed a 4.4% rise in building approvals for September, up 6.3% for the quarter, marking a notable improvement.
Yet, despite this growth, experts caution that these numbers still trail the Housing Accord’s ambitious target of 1.2 million new homes.
“September saw a 2.4% increase in detached house building approvals while those for higher density homes rose by 8.4%,” said Shane Garrett (pictured above), chief economist at Master Builders Australia.
Total dwelling approvals are up 6.8% from last year, with detached homes seeing a 16.3% boost.
While “home building approvals seem to be finding some momentum,” Garrett emphasised that further measures are needed to reduce high costs and timelines in building.
Tackling labour shortages, improving planning approval processes, and addressing housing policies remain critical steps toward expanding new home building investment.
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