Property market update: Melbourne, July 2022
Melbourne continued its downward spiral in July, as the property values in the city recorded deeper declines during the ...
The nation’s housing supply taken a hit in May, with the total number of dwelling approvals falling 7.9 per cent in seasonally adjusted terms.
New data by the Australian Bureau of Statistics has found the total number of dwellings approved in Victoria and New South Wales fell 18.5 per cent and 15.6 per cent respectively, while Tasmania recorded the smallest decline with dwelling approvals falling 0.4 per cent.
However, despite the large declines experienced in New South Wales and Victoria, the total number of dwellings approved in the month of May increased in South Australia, by 5.7 per cent, while Western Australia and Queensland experienced increases of 3.0 per cent and 1.2 per cent respectively.
The Urban Taskforce’s chief executive Aaron Gadiel has called on the NSW Government to bring forward its plan to review the state’s planning system and development levies in order to address the state’s growing housing shortage.
“Approval numbers are strong indicators of likely construction activity in around 18 months’ time,” Mr Gadiel said.
“If these numbers do not improve, the state’s housing supply and construction and workforce may face greater difficulties in the not too distant future.”