Latest ABS data shows fewer homes approved under Labor
The Minns Labor Government’s planning reforms are failing to improve home approvals, meaning NSW is lagging behind our required housing targets.
Shadow Minister for Planning and Public Spaces, and Housing Scott Farlow says the latest Australian Bureau of Statistics building approvals data shows that under Labor approvals continue to slip with a 6.9% seasonally adjusted monthly drop in November compared to a 1.6% National increase.
“While the Minns Labor Government claims they’re making housing their top priority, the figures show that approvals continue to fall, meaning people right across NSW are feeling the worsening pain of our State’s housing crisis,” Mr Farlow said.
“The latest figures from the ABS show that new dwelling units approved in November dropped on a monthly basis by 6.9%, compared to a nationwide increase of 1.6% and are 3.5% lower than the same month last year.”
“Since Labor came to power there have been 7,130 less dwellings approved when compared to the same period in 2022, a drop of 19.6% in approvals.”
“With rising house prices and skyrocketing rents, there’s obviously no lack of demand, but Labor’s tax on new homes, adding $12,000 to the cost of new homes, is having a big impact on new applications in the system.”
“It’s no wonder with figures like this that the NSW Department of Planning has failed to update their monthly planning performance dashboard since the end of October.”
“On that latest data it doesn’t look like things will be getting better anytime soon with NSW Planning’s figures showing that Development Applications lodged continues to drop and there are 4,656 less than the cumulative figure at the same point last year – a drop of 23.4%.”
“Chris Minns has signed NSW up to Federal Labor’s target of delivering 377,000 new homes over the next five years with no advice from planning and many of the key planning initiatives to support this growth have been left unresolved.”
“If the Government is going to have any chance of reaching their targets they’ll need to make their action meet their rhetoric when it comes to new housing, plan properly for our communities and address the demand side pressures being placed on the housing market as being called for by the NSW Opposition,” Mr Farlow said.
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