Everything the rotten Vic Labor government of Andrews/Allan has done to the Victorian property market and especially new builds has had the opposite effect.
New approvals in 2023/24 at 51,497 are 4,000 lower than 2022/23 and the lowest since 2009. The now Allan government has no hope of building 80,000 new homes every year for the next 10 years. And remember this was Andrews final signature policy before his cowardly resignation.
Even last week Oppositioon Leader John Pesutto was lambasted by Labor for calling out significant delays in cultural approvals. Now we find the Allan government is having a secret review into the very same issue. Labor liars at it again.
The Victorian Labor government is out of its depth, out of ideas and out of time. It has all the wrong priorities. And as for cost of living crisis they have done nothing but put up taxes and charges.
Its time to vote out the Vic Labor cancer.
See property report below published today in the Herald Sun.
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Housing crisis: New apartment approvals drop to 15-year low in Victoria | ABS
Nathan Mawby, Property journalist
First published 31 Jul 2024, 6:00am
A “shocking” plunge in Victorian apartment approvals has slashed the number of new units being planned to the lowest level since 2009.
It comes as a nationwide downturn dragged the total number of Aussie homes being given the nod to 162,892 over the past year, a 15,000 decline from June 2023 and the lowest number for a financial year since the 2012 financial year.
The declines have industry watchers worried about how builders will reach construction targets set by federal and state governments, which were just revealed in the latest Australian Bureau of Statistics housing approvals data.
In the 12 months to June 30 this year there were just 7419 new apartments given the green light for development across the state.
New units construction in Melbourne has slowed to a 15-year low.
A year ago it was more than 10,300 and at its peak in 2018 Victorian developers were winning approval to build more than 22,000 new apartments a year.
New house approvals were relatively flat across the state, with about 33,500 given the nod in the past 12 months.
Overall, there were 51,497 homes approved Victoria wide in the past year, almost 4000 fewer than a year ago and the lowest number for a financial year since 2013.
Oxford Economics commentator Maree Kilroy said the Victorian numbers were “shocking” and put a significant question mark over the state’s prospects of hitting its ambitious housing targets.
“If we are going to reach these targets it will be through higher density, and those figures are just shocking,” Ms Kilroy said.
While she said the rest of the nation’s house approvals were at a turning point, she warned Melbourne and Victorian numbers were likely to languish for some time yet.
“It’s not a pretty picture any time soon,” Ms Kilroy said.
But she said more housing approvals were likely once homebuyers saw the cost of building as more affordable than purchasing an established home, which could occur next year.
However analysis of the ABS data also shows that the typical value of apartments being approved in Victoria soared to a more than $699,000 record in June — $200,000+ above the cost of a typical house construction approval for the same period.
