The most recent data from the Australian Bureau of Statistics (ABS) shows a dramatic jump in apartment approvals in New South Wales. However, there’s been a slowing down of home approvals across the rest of the country, according to the Urban Taskforce.
“NSW is leading the country with 6,693 home approvals in September based on trend figures with all other states slowing down,” said Chris Johnson, chief executive officer of the Urban Taskforce. “The NSW boom is propped up by the high density apartment market with 4,297 approvals in September 2016 compared to the low point in January 2012 of 1,222 approvals.”
“While the NSW figures are impressive the fact that the rest of Australia is slowing down could lead to a similar process in the Sydney market.”
The Urban Taskforce expressed concern at media reports that the Greater Sydney Commission is considering a levy of 10% of new apartments. These designated apartments will be given to Community Housing organisations as affordable homes. “This could adversely affect the feasibility of many projects leading to a dramatic downturn in supply.”
As for the non-residential sector, New South Wales is also booming with approvals valued at approximately $1.2 billion for September 2016, matching a similar amount for Victoria.
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