According to The Australian Financial Review, new housing approvals in May fell almost a third short of the 20,800 monthly rate effectively needed to reach national cabinet’s 1.2 million new homes a year, even as they picked up at their fastest rate in six months.
Approvals of new homes of all types jumped 5.5 per cent from April to 14,175, making it the highest total since November’s 14,632, Australian Bureau of Statistics numbers showed recently. But while the figures are for May and not part of the 2025 financial year that kicked off this week, they show the gap between what the market is currently producing and what it needs to reach the targeted boost big enough to make a dent in the country’s housing shortage. https://www.afr.com/property/residential/new-home-approvals-rise-to-six-month-high-20240702-p5jqlg
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