New ABS data released today shows building approvals in NSW have collapsed, marking the worst 12-month period to February since 2014 amid concerns from industry that the Minns Labor Government\u2019s housing policies simply are not building new homes.
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Total dwelling approvals rose in February in every state in Australia except NSW with a staggering 44% fall compared with last month, and a 11.5% drop compared with the same month last year.
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These numbers were released as the Urban Development Institute of Australia (UDIA) \u201cNSW Housing Accord Progress Report\u201d stated that the Government\u2019s housing policies \u201care yet to deliver any discernible market response in development activity\u201d and \u201cthe lack of development applications going in and out of the system is concerning.\u201d
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The Minns Labor Government\u2019s Transport Oriented Development Policy has seen \u201cfewer than 150 dwellings\u2026 approved in TOD areas via local council pathways\u201d and fewer than 10 development applications could be attributed to the TOD policy.
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Stage 1 of the Minns Labor Government\u2019s Low and Mid Rise Housing Policy has seen fewer than 200 dwellings created since July 2024. Labor projected that the policy would create 112,000 new homes over the five year Housing Accord Period, yet a dismal 0.2% of the overall projection of new homes have originated in the first eight months of the policy.
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Leader of the Opposition Mark Speakman said the Minns Labor Government is not building new homes despite all the fanfare of its policy proposals.
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\u201cToday\u2019s figures prove that NSW can undergo as many re-zonings as possible, but with higher taxes leaving housing projects unviable, the development pipeline is running dry under Labor.
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\u201cIt\u2019s been almost a year since Labor\u2019s housing policies were enacted and these policies are failing. NSW is getting nowhere close to the lofty projections made by Chris Minns. Prospective first home buyers across the state are losing hope.
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\u201cIndustry and the Opposition have been loud and clear for two years that it\u2019s not viable to build, yet Labor\u2019s inaction is resulting in new housing projects sitting in neutral because the numbers don\u2019t stack up,\u201d Mr Speakman said.
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Shadow Minister for Planning and Public Spaces Scott Farlow said that the Liberals and Nationals voted against Labor\u2019s $12,000 housing tax on new home builds which was always going to make projects less viable.
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\u201cThe UDIA figures show that Labor\u2019s housing policies promised to build homes in their thousands, and yet we are barely seeing homes built in their dozens after close to a year of waiting.
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\u201cWhen feasibility is the key issue for the building sector, the Government has made matters worse by imposing a $12,000 tax on new homes,\u201d Mr Farlow said.
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\u201cOn these figures Chris Minns\u2019 housing policies will make next to no contribution to the 377,000 new homes target over the next five years \u2013 a target that will end in dismal failure. It\u2019s time that Labor wakes up to the fact that higher housing taxes don\u2019t work if you want to build more homes.\u201d<\/p>\n","protected":false},"excerpt":{"rendered":"
New ABS data released today shows building approvals in NSW have collapsed, marking the worst 12-month period to February since 2014 amid concerns from industry that the Minns Labor Government\u2019s housing policies simply are not building new homes.\u00a0Total dwelling approvals rose in February in every state in Australia except NSW with a staggering 44% fall … Continue reading “Labor\u2019s housing policies are not delivering homes in NSW”<\/span><\/a><\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[4],"tags":[],"class_list":["post-32159","post","type-post","status-publish","format-standard","hentry","category-nswnews"],"_links":{"self":[{"href":"http:\/\/www.16news.com.au\/index.php\/wp-json\/wp\/v2\/posts\/32159","targetHints":{"allow":["GET"]}}],"collection":[{"href":"http:\/\/www.16news.com.au\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"http:\/\/www.16news.com.au\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"http:\/\/www.16news.com.au\/index.php\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"http:\/\/www.16news.com.au\/index.php\/wp-json\/wp\/v2\/comments?post=32159"}],"version-history":[{"count":1,"href":"http:\/\/www.16news.com.au\/index.php\/wp-json\/wp\/v2\/posts\/32159\/revisions"}],"predecessor-version":[{"id":32160,"href":"http:\/\/www.16news.com.au\/index.php\/wp-json\/wp\/v2\/posts\/32159\/revisions\/32160"}],"wp:attachment":[{"href":"http:\/\/www.16news.com.au\/index.php\/wp-json\/wp\/v2\/media?parent=32159"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"http:\/\/www.16news.com.au\/index.php\/wp-json\/wp\/v2\/categories?post=32159"},{"taxonomy":"post_tag","embeddable":true,"href":"http:\/\/www.16news.com.au\/index.php\/wp-json\/wp\/v2\/tags?post=32159"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}