The Property Council of Australia has said today's release of dwelling approval data from the Australian Bureau of Statistics (ABS) is another clear sign of the challenges ahead to our national housing targets.
The total number of dwellings approved fell 6.5 per cent in June to 13,237, after a 5.7 per cent rise in May, according to seasonally adjusted data released today by the ABS.
Over the past 12 months, 162,892 dwellings have been approved, down from 177,936 in the previous year, marking an 8.5 per cent decrease in original terms.
This is the lowest number of approved dwellings on a financial year basis since 2011/12.
Approvals for private sector dwellings excluding houses (which includes townhouses, apartments and terrace houses) fell by 19.7 per cent in June, reaching the second-lowest monthly level recorded since January 2012.
Property Council Group Executive Policy and Advocacy Matthew Kandelaars said today's figures continue to paint a challenging picture for reaching our 1.2 million new homes by 2029 target.
"That our dwelling approval numbers have hit the lowest number on a financial year basis in over a decade is a clear sign of the challenges we face in delivering the homes Australians need," Mr Kandelaars said.
"If we don't accelerate our efforts, we will fall far short of what should be an attainable target.
"Governments nationwide must use every available measure to help industry deliver the desperately needed supply of new homes.
"We need an invigorated focus on supply-inducing last-mile infrastructure, more construction labour and we need to ensure that first-home buyers are given a better chance of accessing credit for housing.
"To achieve our goal of 1.2 million homes, we need to adopt a proactive mindset and pull every lever available to unlock more supply - including new homes for students, renters and retirees," he said.
