CommSec Data Has NSW Housing Commencements Well Below Victoria
The latest CommSec data on the State of the States indicates that Victoria is well ahead of NSW in dwelling commencements says the Urban Taskforce.
“The CommSec quarterly report has Victorian dwelling commencements well above NSW commencements yet Victoria’s population is 20 percent smaller.” Says Urban Taskforce CEO Chris Johnson “The report has Victorian dwelling commencements at 20,356 for the latest quarter compared to NSW commencements at 16,635. This positions Victoria as commencing 22 percent more homes than NSW despite its smaller population.”
“The NSW economy has been underpinned by a robust housing construction sector that delivers around 300,000 direct jobs for the last few years but there are worrying signs that the NSW Government is keen to slow down housing supply by putting off planning decisions until after the March 2019 election. The government recently stopped all planning proposals for two years in the Ryde municipality, 50 councils across NSW were allowed to delay a code supporting townhouses and terrace houses for a year and most recently the government backed down on plans for development along the Sydenham to Bankstown corridor that they had championed.”
“The CommSec report states that the weaker conditions in the housing sector have pushed NSW into second place behind Victoria as the best-performing economy of the Australian states. Our concern is that the strong planning principles outlined in the Greater Sydney Commission’s District Plans for new housing supply are being watered down by political overreactions to concerns about new development across Sydney. The back down on the code for terrace houses was at the request of the Greater Sydney Commission (GSC) and it must be assumed that the GSC also supports the changes along the Sydenham to Bankstown corridor.”
“The Urban Taskforce believes that the NSW Treasurer, Dominic Perrottet, must put the maintenance of the state’s high performing economy ahead of populist back-downs on plans for where new housing must be delivered. We also believe that the state opposition must not inflame negative attitudes about new housing so that homes will be built for the state’s growing population. A robust economy with high employment must underpin the future of NSW.”