The nation is building thousands fewer homes than other countries, with Victoria and NSW experiencing the longest development approval delays.
Housing development approval waiting times have blown out to four months in Victoria and NSW, exacerbating a housing supply crisis that is driving up rents and house prices.
NSW’s development application waiting times have increased from 83 days 2021-22, to 107 days in 2022-23 and 114 days so far this financial year. Sydney-based developer Mark Bainey of Capio Property Group said proposed apartment projects in NSW required planning and development approvals from 30 to 40 state and local agencies, including Sydney Water, environment and heritage bodies and energy organisations.
Australia has been building thousands fewer houses and apartments than other wealthy countries, taking into account population growth. Australia’s dwellings per 1000 people fell from 92 per cent of the OECD average to 90 per cent over the decade. after shadow treasurer Angus Taylor said net overseas migration would be reduced by 25 per cent over three years by a Dutton government.
“Looking forward, we expect the rental market to remain tight in the near term and forecast rents to grow 8.5 per cent in 2024 and 4.3 per cent in 2025.“With rents the second-largest item in the CPI basket, this is likely to maintain upward pressure on inflation and will likely remain a challenge for the RBA as its seeks to bring inflation back to its 2-3 per cent target.”“The immediate outlook is vacancy rates are set to rise somewhat into winter,” he said.
The federal government has said it is also funding 40,000 new social and affordable homes, increasing financial support to renters by 40 per cent and requiring universities to build more student accommodation.for Australia’s housing market woes, as developers defer projects due to high costs, sending dwelling approvals per capita to decade lows.“Demand pressure, and so upward pressure on rents and prices, will remain until new supply comes online,” Dr Hunter said last week.
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