New dwelling approvals have fallen to a four-year low, a slump economists say will be felt by renters about 12 months from now.
New housing approvals fell to a four-year low in July, pointing to a slump in activity that made the federal government’s revised target of 1.2 million new homes in five years unachievable, economists say.
“The current downturn and volume of funding on the table make this a very unrealistic prospect. Planning lags mean that it will take until the back half of the decade for activity to see a meaningful boost.” The figures may boost enthusiasm to develop build-to-rent projects at a time when traditional build-to-sell investor-owned apartments remain weak.selling prices of owner-occupier apartments were high enough to make projects targeting that cohort of buyers feasible, but investment stock projects – of smaller and generally lower-quality apartments designed to be rented out – were not viable because prices had not risen enough.
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