Home approvals are on the rise around the country, reaching their highest level in over a year.
This is welcome news amid our current housing shortage as some areas have recorded a high volume of building approvals in the past year.
New data from the Australian Bureau of Statistics shows a 4.4 per cent increase in total dwelling approvals from August to September 2024, reaching 14,842, the highest level since May 2023.
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In the past year, the total number of homes approved rose by 6.8 per cent with houses making up the majority of the growth. Approvals for houses were 16.7 per cent higher than September 2023.
South Australia saw an even greater increase in approvals. In September 2024, approvals were 14 per cent higher than a year prior.
PropTrack economic analyst Megan Lieu. Supplied
Notably, various LGAs within the state are poised for a significant increase in new homes soon, with the highest approvals recorded in the 12 months to August 2024.
The Playford, Port Adelaide and Onkaparinga LGAs led approval numbers for houses, with 3,964, 1,922, and 1,676 houses approved from September 2023 to August 2024,
respectively.
For apartments, Charles Sturt, Norwood and Marion LGAs topped the list for new home approvals during the same period.
Adelaide’s expanding. New PropTrack data reveals where the activity is happening. Picture: Stephen Brookes
The high number of approvals is positive news for these areas, reflecting a strong uplift in housing stock, which is crucial given the current housing shortage.
Higher supply could lead to more affordable options and improved infrastructure in these areas.
Although the number of approvals nationally has been trending upwards this year, they are still 10 per cent lower than the pre-pandemic decade average (2010-2019).
Houses go up at Mount Barker at a rate of knots. Pic: Supplied.
Strong population growth and prolonged build times for homes has widened the demand and supply gap and exacerbated the housing crisis.
With a national target to build an additional 1.2 million homes by 2030, appropriate policy changes must be made to encourage faster construction timelines.
– Megan Lieu is PropTrack’s economic analyst
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