Approvals for new housing across Australia rose 10.4 per cent in July to 14,797, after a 6.4 per cent June decrease, according to seasonally adjusted data. Approvals for apartments drove the result, with approvals rising 32.1 per cent in July after a low June result.
Despite the uptick in July, the total number of approved homes remains 5.1 per cent below the five-year average.
Over the past 12 months, 165,443 dwellings were approved, a decline from 175,770 in the preceding 12-month period.
Property Council Group Executive Policy and Advocacy Matthew Kandelaars said despite a monthly increase in housing approvals, it remains below the levels needed to reach our housing targets.
"While it's pleasing to see the number of housing approvals rise in July, we are still building at levels below what we were building five years ago," Mr Kandelaars said.
"We simply won't hit our housing targets if we don't continue to increase the number of homes approved. We need to see results like this, month after month.
"Our national target of 1.2 million new homes should be easily attainable for a wealthy, land-rich country like Australia but instead we're behind the line as the starter's gun is fired on our 2029 target.
"National Housing Minister O'Neil is rightly shining a light on unlocking the supply of new homes, but we'll only be able to deliver that supply through close cooperation between industry and all levels of government.
"A meticulous focus on unlocking essential infrastructure like sewerage, water and power, and more construction labour are needed to deliver the homes Australians need.
"The quickest and most obvious lever that can be pulled is for the Federal Parliament to accept compromise build-to-rent legislation supported by the Property Council, the Community Housing Industry Association and National Shelter that will unlock an unprecedented 105,000 homes by 2034, 10 per cent of which would be affordable.
"The Parliament has the opportunity to support settings next week that are conducive to the supply of 105,000 new high-quality rental homes, more than double the number currently supplied by the Housing Australia Future Fund.
"Every MP that backs this proposal is helping turn the tide on our affordability and supply crisis and house more Australians," he said.
