The Property Council of Australia welcomed a 10.4% increase in July dwelling approvals, reaching 14,797, driven primarily by a 32.1% surge in apartment approvals.
However, the total number of approvals remains 5.1% below the five-year average, highlighting ongoing challenges in meeting national housing targets.
Despite the monthly increase, the past 12 months saw 165,443 dwellings approved, down from 175,770 in the previous year.
Matthew Kandelaars (pictured above), Property Council group executive for policy and advocacy, stressed that while the rise in approvals is positive, it’s not enough to meet Australia’s housing goals.
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Kandelaars stressed the need for close cooperation between industry and all levels of government to unlock the necessary infrastructure and workforce needed to meet the national target of 1.2 million new homes by 2029.
“We simply won’t hit our housing targets if we don’t continue to increase the number of homes approved,” he said.
The Property Council is urging Federal Parliament to pass compromise build-to-rent legislation, which could unlock 105,000 new rental homes by 2034.
“Every MP that backs this proposal is helping turn the tide on our affordability and supply crisis,” Kandelaars said.
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