Apartment approvals for August have reached an all-time high in NSW, says the Urban Taskforce.
Urban Taskforce CEO Chris Johnson said, "NSW has achieved record levels of apartment approvals in August, adjusted for trends, with 3,467 apartments approved.
"Overall home approvals in Australia have dropped but New South is continuing its excellent performance.""Victoria has been leading NSW in overall home approvals for some time but now NSW with 5,794 approvals is ahead of Victoria at 5,211 in trend terms.""Across Australia high density apartments are getting close to becoming the dominant housing type being approved. There were 9,158 apartments approved in August across Australia, only just behind the 9,562 house approvals.""While the NSW results are up, the dip in approvals nationally is a signal that the robust housing market may be slowing down. This could be a result of some banks clamping down on loans to investors in the current market. The property industry needs the investors to keep stimulating the market while ensuring there is a balance between investor owners and owner occupiers in apartment projects."“Housing construction in NSW is now being driven by apartments with house approvals at 2,327 in August well below apartments at 3,467. To continue this trend will require strong support for urban infill projects in Sydney by the soon to be formed Greater Sydney Commission.”