Why rising apartment approvals are not Australia’s housing crisis saviour
Apartments are not proving to be the panacea for the national housing crisis, with the increase in approvals flattering to deceive and many projects never actually coming to fruition.
New apartment approvals might be rising rapidly but 17 per cent of these will fail to translate into completed new homes. (Image source: Shutterstock.com)
Apartment approvals have surged in recent months, signalling a renewed confidence in the apartment market.
Despite optimism in the sector, significant challenges remain in translating approvals into new housing supply, as Australia grapples with the ongoing housing crisis.
Data recently released by the Australian Bureau of Statistics shows apartments are driving growth in building approvals.
In January, approvals for private sector dwellings excl…
