A reported "spike" in yesterday's housing Australian Bureau of Statistics #housing approvals, with a 26% increase in units month on month. In Vic – total dwelling approvals were up 7.3% – second to NSW at 7.8%
Of course, data watchers know that unit approvals are volatile. It's more helpful to smooth things out over a longer period to see what is going one.
Hence, this month I've charted Victorian approvals by quarter back to 2015.
📉The upshot: roughly 180 fewer total dwelling approvals in Victoria than the same quarter last year. And actually ~300 fewer units than the same period in 2024.
🏘️YTD approvals are up around 7% – but off a low base.
Hardly a success Department of Transport and Planning – for all the headlines on fast tracks and planning reform. At this rate, we will fall short of the 800,000 #housingstatement #housingtarget by ~250,000.
The extra red line shows the proportion of total approvals which are single homes. This has hovered around the 65% mark for the last 7 years.
Whilst not a perfect measure – since this captures knockdown-rebuilds – this would need to be a bit above 30% to meet the government's own 70:30 target.
🤔We aren't getting there with affordable apartments, that's for sure. The gap is only getting bigger.