Despite a slight uptick in December, NSW housing approvals are still falling drastically short.
Only 43,000 approvals were recorded in the past year—about half of what’s needed to meet the Housing Accord target.
Tom Forrest, CEO of the Urban Taskforce, warns that while apartment approvals saw some growth, overall housing development remains sluggish.
To address the shortfall, the new Housing Delivery Authority (HDA) has been launched to fast-track planning and boost supply.
Early interest has been strong, with 100 expressions of interest submitted for 40,000 new homes in just its first month.
However, Forrest cautions that these initiatives are yet to make a dent in approval numbers, meaning real supply growth could take time.
Developers continue to face affordability pressures, planning delays, and housing levies, making new projects harder to get off the ground.
A bipartisan review of NSW planning laws, along with potential interest rate cuts, could offer much-needed relief.
While challenges persist, shifting policies and economic conditions may pave the way for stronger housing delivery in the future.
For more insights on how these changes could impact housing, lending, and affordability, subscribe to our newsletter.
