Declining approvals do little to rekindle hopes of housing crisis reversal
Building approvals are up for the year but a shock turnaround in the latest monthly data spells more trouble for the housing supply crisis inflicting Australia.
Fewer new apartment approvals drove the overall fall in approvals, with Victoria approving only 671 apartments in March compared with 2,294 in February. (Image source: Shutterstock.com)
The latest building approval figures can stake a claim to being the first piece of bad news to cross the reinstalled prime minister’s desk after Anthony Albanese’s comfortable election victory.
To meet National Housing Accord targets the country should be approving and completing roughly 20,000 homes per month to build 1.2 million new homes over five years but instead March approvals went backwards across all dwelling types.
Data released Tuesd…
