18,245 new homes were approved in November
18,245 new homes were approved in November Claudia Baxter

Construction on track to catch population growth

CONSTRUCTION is finally starting to catch up with population growth, with a record number of homes approved during the 12 months to November.

Australian Bureau of Statistics building approval figures show 18,245 new homes were approved in November, bringing the annual figure to 199,174 approvals.

Residential Development Council executive director Nick Proud said it was a sign the construction industry was at last on track to meet growing demand.

"The record high level of total dwelling units approved remains promising across the regions which is a contrast for a nation that has under-built over the past decade," Mr Proud said.

"To show the current strength of the November 2014 ABS Building Approvals result, the same 12-month period ending November 2011 saw only 158,298 homes approved which is over 40,000 fewer residential approvals than today's result.

"It appears that the number of homes being built is finally catching up with population growth and this result can positively support improved affordability if coupled with the introduction of supply side efficiencies in land release, development assessment and tax reform in 2015-16.

"Additional income from GST and stamp duties from roughly 40,000 extra homes underscores the potential to consider a mature consistent approach to competition policy particularly in areas such as planning reform to ensure that the strong cycle is not lost to poor planning outcomes."

-APN NEWSDESK



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