Welcome Boost in Approvals – Now to Keep Up the Momentum 

Home Media Releases Welcome Boost in Approvals – Now to Keep Up the Momentum 

Monday 3 February 2025

MEDIA RELEASE 

Welcome Boost in Approvals – Now to Keep Up the Momentum 

The Property Council of Australia today welcomed a significant rebound in NSW building approvals for December 2024 and called on state and local governments to maintain the pace in 2025 to help meet housing targets.

Property Council NSW Executive Director Katie Stevenson said the latest Australian Bureau of Statistics (ABS) data showed a notable increase of almost 700 housing approvals to 4,298 in December – the highest monthly total since May 2023.

“This is a welcome uplift after months of flat or declining approval figures,” Ms Stevenson said.

“While monthly numbers can be volatile, this jump – from 3,610 approvals in November to 4,298 in December – is the strongest sign we’ve seen in more than a year that efforts to boost housing supply may be starting to gain traction.

“The increase provides some optimism that the significant planning reforms introduced by the Minns Government in recent years are beginning to have an impact.

“But with NSW still well short of its targets, we need to see sustained momentum to have any chance of delivering the 377,000 new homes required under the National Housing Accord by 2029.”

Ms Stevenson said that despite the December lift, NSW remains well behind on approvals over the full year.

“In the 12 months to December 2024, just 42,935 homes were approved – barely 57% of the 75,000 new homes per year needed to stay on track.

“We know the pipeline is there. The NSW Government last week revealed that the newly established Housing Delivery Authority is already assessing almost 100 major residential projects, with the potential to deliver more than 40,000 new homes.

“The rollout of Transport-Oriented Development (TOD) planning controls – now in place across 29 station precincts, including the latest announced today around Croydon Station in Sydney’s Inner West – is another positive step.

“But with a full suite of planning reforms now in effect, the focus for the next six months must be on action. State and local governments need to shift into high gear and accelerate the approval and delivery of more homes,” she said.

ENDS

Media: Andrew Parkinson | 0404 615 596 | [email protected]