Analysis of recent figures shows the number of housing approvals has not kept pace with the nation’s rising population
This is certainly due to the massive increase in interest rates over the past year, and it does suggest a very strong slowing of residential building at a time the population will increase 2%.But the growth numbers are a bit misleading, because they are compared with April a year ago when the cash rate was still 0.1%.
The ABS provides raw data going back to 1956. If we use a six-month average to take out some of the noise, since around the late 1960s you could predict about 9,000 new houses would be approved in any month and you would not be far wrong.If the graph does not display click here The share of townhouse and terrace housing remains steady, but there has been a big shift towards apartments with more than four storeys and away from the more traditional Australian one or two-storey “flats”:But the thing about the steady number of houses and residences being approved is that of course population is not steady.
In the 1960s there were about 60 new houses approved each month for building per 100,000 Australians. Now it is about 40.
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