Housing supply far below target

Housing supply slows

Housing starts increased only slightly to 43,247 in the September 2024 quarter, meaning that the government's target of 1.2 million well-located homes in 5 years remains a distant dream.

Dwelling completions remain sluggish with many projects stalling, and completions declined to 44,884.

Detached house commencements have been solid, picking up by 20 per cent over the past year, with a decent homebuilding outlook for Perth, Adelaide, Brisbane, and Melbourne.

Attached dwelling starts remain low, however, at under 15,000 nationally.

Ostensibly there is still a decent number of projects in the under construction phase, but this doesn't seem to be translating to any pick-up in actual completions.

Around the states, Melbourne now has a declining pipeline for unit supply.

Finally, the number of dwellings approved but not yet commenced declined to around 30,000.

The wrap

Overall, there was the expected increase in housing starts, but only to around 43,000, versus the stated target of 60,000.

Actual dwelling completions declined, with record insolvencies dogging the construction sector. 

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