BUILDING PERMITS – AUSTRALIA

Home approvals get a boost but still below target

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Original article by Michael Bleby
The Australian Financial Review – Page: 24 : 3-Sep-24

Data from the Australian Bureau of Statistics shows that dwelling approvals rose to an 18-month high of 14,797 in July. Housing approvals also rose to an eight-month high of 165,443 in the year to July; approvals for detached houses increased by 0.3 per cent, while there was 34 per cent growth in approvals for apartments, townhouses and semidetached homes. JP Morgan economist Jack Stinson says sustained growth in approvals for apartments and other attached homes will be needed if the federal government’s target of building 1.2 million new homes over the next five years is to be achieved.

CORPORATES
AUSTRALIAN BUREAU OF STATISTICS, JP MORGAN AUSTRALIA LIMITED

Approved housing for 100,000 stalls on rising costs

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Original article by Larry Schlesinger
The Australian Financial Review – Page: 27 & 28 : 29-May-24

KPMG’s analysis of data from the Australian Bureau of Statistics shows that at the end of 2023, construction had yet to begin on more than 37,000 dwelling had been approved. This represents a nine per cent increase on the five-year average. These dwellings would provide housing for nearly 100,000 people, based on the nation’s average household size of 2.5 people. Townhouses and apartments comprise nearly two-thirds of dwellings that are awaiting construction. KPMG’s urban economist Terry Rawnsley says factors such as rising construction costs and labour shortages have contributed to the stalled housing commencements.

CORPORATES
KPMG AUSTRALIA PTY LTD, AUSTRALIAN BUREAU OF STATISTICS

Fall in detached housing approvals puts Labor’s 1.2 million target at risk: economists

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Original article by Olivia Ireland
The Age – Page: Online : 10-Jan-24

Data from the Australian Bureau of Statistics shows that dwelling approvals rose by 1.6 per cent to 14,529 in November. However, building approvals for detached houses fell 1.7 per cent month-on-month, to 8,506. The Housing Industry Association’s chief economist Tim Reardon expects approvals for detached homes to keep falling during the first half of 2024; he adds that this will make it hard to achieve the federal government’s revised target of building 1.2 million new homes over five years. This equates to 240,000 per year, but Master Builders Australia expects about 170,000 new home to be built in 2023-24.

CORPORATES
AUSTRALIAN BUREAU OF STATISTICS, HOUSING INDUSTRY ASSOCIATION LIMITED, MASTER BUILDERS AUSTRALIA INCORPORATED

New home approvals fall to weakest in four years

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Original article by Michael Bleby
The Australian Financial Review – Page: 30 : 2-Aug-23

Data from the Australian Bureau of Statistics shows that there was a 7.7 per cent decline in new housing approvals in June. A total of 175,790 new dwellings were approved in the year to 30 June, with approvals for detached dwellings falling by 13.8 per cent and attached homes down by 10.5 per cent. Maree Kilroy of Oxford Economics Australia says demand and supply for housing are moving in opposite directions, which will result in a sizeable dwelling deficiency over the coming years. Separate data shows that new home loan commitments fell by 22.1 per cent to $298.4bn in 2022-23.

CORPORATES
AUSTRALIAN BUREAU OF STATISTICS, OXFORD ECONOMICS AUSTRALIA PTY LTD

Shrinking pipeline for attached homes hits hard

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Original article by Michael Bleby
The Australian Financial Review – Page: 8 : 31-May-23

The latest official building approvals data highlights the growing supply crisis in Australia’s housing market. The figure show that just 3,545 new apartments, townhouses and semi-detached homes were approved in April, which is the lowest level since January 2012. Approvals for detached homes fell by 3.6 per cent month-on-month to 8,049. A total of 11,594 dwellings of all types were approved in April, which is an 11-year low. Maree Kilroy of Oxford Economics Australia says a sharp downturn is under way and the firm does not expect dwelling approvals to rebound until late 2024.

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OXFORD ECONOMICS AUSTRALIA PTY LTD

Demand for new houses goes through the roof

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Original article by Melissa Iaria
The Australian – Page: 20 : 1-Oct-21

Data from the Australian Bureau of Statistics shows that there was 6.8 per cent growth in dwelling approvals nationwide in August. This followed an 8.6 per cent decline in July. Private-sector housing approvals rose by 3.5 per cent month-on-month and nearly 24 per cent over the year to August. Daniel Rossi from the ABS attributes the rebound in housing approvals to factors such as increased household savings, historically low interest rates and confidence in the housing market.

CORPORATES
AUSTRALIAN BUREAU OF STATISTICS

Council brakes slow recovery

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Original article by Rebecca Urban, Damon Johnston
The Australian – Page: 1 & 4 : 11-Jun-20

Federal Treasurer Josh Frydenberg says local councils should fast-track development applications in order to stimulate economic activity in the post-coronavirus world. He says the state and federal governments are helping to boost the construction sector, and local governments should do so as well. It takes an average of 70 days for development applications to be approved in Victoria – well above the statutory requirement of 60 days – and this had blown out to at least 120 days for some councils prior to the pandemic. The average number of days to approve a development application in New South Wales is 84 days.

CORPORATES
AUSTRALIA. DEPT OF THE TREASURY

High-rises spur surge in building approvals

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Original article by Matthew Cranston
The Australian Financial Review – Page: 3 : 9-Jan-20

New figures show that there was an 11.8 per cent increase in building approvals in November, which was the strongest monthly growth since February. Approvals for high-density housing developments increased by 21 per cent in November, for an annual growth rate of six per cent. Tom Kennedy of JP Morgan notes that building approvals data tends to be volatile, but he adds that the latest figures suggest that approvals have begun to stabilise.

CORPORATES
JP MORGAN AUSTRALIA LIMITED, BIS OXFORD ECONOMICS PTY LTD, RESERVE BANK OF AUSTRALIA, URBAN TASKFORCE AUSTRALIA LIMITED, WESTPAC BANKING CORPORATION – ASX WBC

New housing approvals jump 7.6pc in September

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Original article by Michael Bleby, Matthew Cranston
The Australian Financial Review – Page: 7 : 1-Nov-19

Official data shows that residential building approvals rebounded in September, with overall growth of 7.6 per cent in seasonally adjusted terms. Approvals for detached dwellings increased by 2.6 per cent, and approvals apartments and townhouses rose 16 per cent. Meanwhile, dwelling approvals totalled 176,638 in the year to September, compared with 179,924 in the year to August. Separate data from the Reserve Bank shows that there was an 0.2 per cent increase in housing credit in September, and annual growth of 3.1 per cent.

CORPORATES
RESERVE BANK OF AUSTRALIA, NATIONAL AUSTRALIA BANK LIMITED – ASX NAB, COMMONWEALTH BANK OF AUSTRALIA – ASX CBA, BIS OXFORD ECONOMICS PTY LTD

Jobs on the line as home builds slide

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Original article by Michael Roddan
The Australian – Page: 4 : 31-Jul-19

Data from the Australian Bureau of Statistics shows that new housing approvals fell by 1.2 per cent during June and 26 per cent year-on-year. Apartment approvals were 40 per cent lower in June than at the same time in 2018. Matthew Hassan of Westpac expects further weakness in dwelling approvals over the remainder of 2019 and during the first half of 2020. George Tharenou of UBS warns that the downturn in housing approvals could put about 100,000 construction industry jobs at risk.

CORPORATES
AUSTRALIAN BUREAU OF STATISTICS, WESTPAC BANKING CORPORATION – ASX WBC, UBS HOLDINGS PTY LTD