Sydney and Melbourne are the hot spots for new home building. So it is timely to track approvals and completions data provided by the NSW Government. Interestingly approvals to build homes in Sydney & the Illawarra continue to grow at a 20 per cent plus annual rate. But completions are lagging. This may reflect some hesitation in progressing with approvals as well as the greater amount of time it takes to build apartments – which are in vogue at present – rather than free-standing homes…
The NSW Department of Planning & Environment provides monthly data on council approvals to build new homes as well as data on net completions. For detached homes and multi units, there were 54,558 approvals in the year to May in the Sydney, Central Coast & Illawarra regions, up 21.9 per cent on a year ago. But net completions totalled 30,901, up just 3.1 per cent. The Sydney City region accounted for almost 10 per cent of completions in the year to May…
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Leith van Onselen is Chief Economist at the MB Fund and MB Super. He is also a co-founder of MacroBusiness.
Leith has previously worked at the Australian Treasury, Victorian Treasury and Goldman Sachs.
