New dwelling approvals in Victoria in the year to June were at 59,719, according to the Urban Development Institute of Australia (UDIA), which compares to 75,613 in the previous year.
With the UDIA estimating that 78% of approvals become completed homes, this would mean completed dwellings fell from 58,978 to 46,581. UDIA Victoria CEO Danni Hunter says between 66,000 and 68,000 new homes a year need to be built in Victoria to meet forecast population growth, while she called on the Victorian government to relax development controls so as to encourage more construction in Melbourne’s CBD. From The AFR:
“With Victoria’s population growth expected to continue at record levels in the coming years, we need to be delivering around 66,000 to 68,000 new houses every year,” the UDIA’s Victorian chief executive, Danni Hunter, said.
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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.
