According to data released today by the Australian Bureau of Statistics, a total of 171,394 homes were approved across 2024, in original terms. This is an increase of 4.7 per cent from 2023.
108,167 private sector houses were approved in 2024, up 7.3 per cent from 100,769 in 2023, while approvals for other private sector dwellings (which includes townhouses and apartments) fell 1.3 per cent to 59,312 from 60,116.
Approval data for the six months ending December 2024-the first six months of the 1.2 million new housing target-reveals that only 92,023 homes were approved. To stay on track, we need to be building 120,000 homes every six months.
Property Council Group Executive Policy and Advocacy Matthew Kandelaars said while heartening to see approvals rise in 2024, the current rate falls short of what is required.
"We have an ambitious target of 1.2 million new homes, and sadly we still have plenty of work to do to get on course for success," Mr Kandelaars said.
"While we may not be quick off the starting blocks, we cannot afford to put this target in the 'too hard' basket. We need to see increases every month.
"Apartments take nearly three years to go from approval to construction and have volatile approval patterns. Despite their key role in easing the housing crisis, we have seen approval rates for apartments fall in 2024.
"We must consider the factors impacting project feasibility that stop approvals from progressing to commencement, and then completion.
"We need action to tackle rising construction costs, labour shortages, planning delays, slow approvals and shifting state property taxes that punish foreign investment if we want to arrest the decline," he said.
In seasonally adjusted terms, the total number of dwellings approved rose 0.7 per cent per cent in December to 15,174, after a 3.4 per cent fall in November. Approvals for private dwellings excluding houses (which includes townhouses and apartments) rose 15.2 per cent to 6,209. Private single family housing approvals fell for the third straight month, down three per cent in December to 8,715.
