Building for a Resilient 2015

Building for a Resilient 2015Strong ABS Building Approvals numbers recorded for November 2014, support ongoing activity in the pipeline for new homes to provide a much needed boost for housing supply and construction jobs, as we move into 2015. “The record high level of total dwelling units approved remains promising across the regions which is a contrast for a nation that has underbuilt over the past decade, said Nick Proud, Executive Director of the Residential Development Council. “18,245 dwellings were approved in November to support 199,174 homes approved for the full year ending November 2014, which continues to shore up the pipeline for national residential activity and promote confidence in the industry. “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. “This is a position of strength that provides unique reform opportunity for Government’s to work with industry when it is at its best,” said Mr Proud. Media contact: Nick Proud, Executive Director – Residential Development Council: 0408 538 126