Australia’s building approvals have slumped to an 11-year low, in a fresh new blow to hopes of a quick solution to our housing and rental crisis
Australia’s building approvals have hit an 11-year low, in a fresh new blow to hopes of a quick solution to our housing crisis.: “the total number of dwellings approved fell 8.1 per cent in April, in seasonally adjusted terms, following a 1.0 per cent decrease in March”.“Total dwellings approved fell to the lowest level since April 2012,” Daniel Rossi, ABS head of construction statistics said.
Rising interest rates and inflation are affecting the number of new home builds. Picture: Brendan Radke The slowing rate of construction is likely to exacerbate Australia’s housing and rental crisis, at least in the short to medium term.Master Builders Australia said the slowing rate of construction would “impact Australia’s ability to meet its housing target”.Labor’s plan to build a million new homes in five years from 2024 is on shaky ground.
“Although demand for medium and high-density housing is surging, the pipeline of new stock is rapidly diminishing.
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