Home approvals are on the rise around the country, reaching their highest level in over a year. But while across Victoria housing approvals are down year-on-year, there are some areas that have recorded a higher volume of approvals over the past 12 months.
According to new data from the Australian Bureau of Statistics, total dwelling approvals increased nationally by 4.4 per cent from August to September 2024 to 14,842, the highest level since May 2023.
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This was mainly driven by private dwellings excluding houses, which rose by 4.7 per cent over the month.
In the past year, the total number of homes approved rose by 6.8 per cent, with houses making up majority of annual growth. Approvals for houses were 16.7 per cent higher than September 2023.
Housing approvals have risen across Australia, but they are down year-on-year in Victoria.
While the number of approvals has risen across the country, Victoria is one of the states where this trend has not been observed. In September 2024, approvals were 0.5 per cent lower than a year prior.
But there are numerous local government areas (LGAs) within the state that are likely to see a significant uptick in the supply of new homes in the short to medium term.
These are areas where the number of approvals for new homes have been the highest in the 12 months to August 2024.
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The Casey, Melton and Wyndham LGAs led the way in terms of approval numbers for houses in Victoria. There were 9,438, 8,982 and 8,916 houses approved from September 2023 to August 2024, respectively.
For apartments, the Melbourne, Port Phillip and Stonnington LGAs topped the list for new home approvals during the same period, with respective figures of 3,540, 2,266, 1,258.
The high number of approvals is positive news for these areas, as it reflects a strong uplift in housing stock, which is crucial given the country’s current housing shortage.
Higher supply could also lead to more affordable options and improved infrastructure in these areas.
Although the number of approvals nationally has been trending upwards since the start of the year, it is still lower than the pre-pandemic average from 2010 to 2019 by 10 per cent.
Strong population growth coupled with 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.
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The post Where the most new homes are being approved in Victoria: PropTrack appeared first on realestate.com.au.
