Lagging building approvals point to a decade of housing crisis pain
The prospect of the Federal Government meeting its five year target appears bleak, as house approvals to continue to slide backwards.
The volume of homes commencing construction is expected to continue to slow throughout 2024. (Image source: Shutterstock.com)
Building approvals that saw a slight uptick in in the latest monthly data will offer little solace to those struggling with the housing crisis.
A 1.6 per cent increase in the total number of new dwellings approved was driven by a 6.7 per cent increase in apartments, townhouses and terraced homes.
But the gains were largely offset by a fall in the larger house market, which in November reversed earlier gains by easing back 1.7 per cent, accordin…
