Australian building approvals fell 17.2 per cent in July 2022 to the lowest since January 2012, led by a 43.5 per cent drop in dwellings excluding houses. UDIA president Maxwell Shifman said the fall hits affordable apartments hardest, pushing growth to greenfield land, and called for supply-boosting reforms.
As I told the Australian Property Journal: “Unless these issues are addressed with great urgency, we will see a continued push away from densification in our cities, and even more pressure on greenfield development,”
I also said: “At a time when we need to be planning for population growth after a two-year hiatus, the last thing Australians can afford is a reduction in new home supply.”
And I added: “This has been exacerbated with the general negative concerns that have been growing against apartment living.”
Australian Property Journal, 30 August 2022 — Read the full article