Apartment approvals have sunk to their lowest levels in decades, with just 137 approved in Victoria in February, signalling a worsening rental crisis as capital city rents jump 17 per cent annually. UDIA's national president and analysts warn the supply shortfall will deepen well before 2026.
As I told news.com.au: “The concerning thing is that record-low approvals right now only really show the full extent of the problem about 3 years from now, given the lag between approvals and completions”
I also said: “This will only lead to one thing – continued growth in rental prices.”
And I added: “The state governments need to simplify planning approvals, reduce unnecessary barriers that can come from local politics, and streamline time frames to increase certainty for the development sector.”
I went on to say: “Developers need to be incentivised to spend their time and invest their capital, and be recognised for the important role they play in building the housing that people need.”
news.com.au, 6 July 2023 — Read the full article