but Vic still ahead?
Overall approvals for Victoria for August were at 4684, a near 10% drop from July.
This was led by a 28% drop in multi–dwelling approvals to 1520 (although still up in trend terms due to a strong-ish July)
Private multi-residential approvals sit at 10,909 for the year (2/3 of the way through), with house approvals at 22,901 YTD.
Overall VIC remains on track for around 50,000 total approvals for the 2024CY – a world away from the #housingstatement 80,000 new dwelling target.
Interestingly, Victoria does lead the nation in terms of overall dwelling approvals. Cue the PR machine. 🚄
So I thought I would try some more analysis to see how it is really performing, in relative terms.
The updated ABS Population report came out a few weeks ago, so what if we benchmark against total population growth? After all, housing approvals should be adjusted for the scale of growth.
The result? The ratio of new dwelling approvals for the month, once adjusted for population growth, puts Victoria 4th in the pack – behind TAS, SA, QLD, but well ahead of NSW, WA, NT and the ACT.
Not the worst performance but also not a result worth trumpeting. But hey – at least we’re better than Sydney, right!
🤔Data boffins – thoughts on whether this is a reasonable analysis?