๐ก๐ฒ๐ ๐๐ผ๐๐๐ถ๐ป๐ด ๐ฆ๐๐ฝ๐ฝ๐น๐ ๐๐ฎ๐ถ๐น๐ถ๐ป๐ด ๐๐ผ ๐๐ฒ๐ฒ๐ฝ ๐๐ฝ ๐๐ถ๐๐ต ๐๐ฒ๐บ๐ฎ๐ป๐ฑ
In the recent federal budget, the government confirmed it plans to facilitate the building of one million new homes in 2024-29. The trend, though, is heading in the opposite direction.
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The latest data from the Australian Bureau of Statistics show that the number of residential building approvals (in trend terms) issued in March was 21.5% lower than the year before.
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Also, the number of approvals issued in the five years to March (968,454) was significantly lower than the number in the previous five-year period (1,105,954).
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By way of context, Housing Industry Association senior economist Tom Devitt said the decline in approvals has been occurring as population growth has been surging.
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โThis imbalance will see the affordability and rental crisis deteriorate further,โ he said.
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