‘Home approvals still strong’: HIA

A nine per cent dip in home approvals, acrossPort Stephens, was not a reason for concern, according to the Housing Industry Association.
Nanjing Night Net

In the 12 months to November, Port Stephens Council approved 338new homes –a mix of houses and units –compared to 371 in the 12 months prior.

“There was a boom in March 2015 where 100 units were approved and it’s skewed the figures,” HIA Hunter executive director Craig Jennion said.

“The overall pictureis still really strong.”

In the 12 months to November –the latest available Australian Bureau of Statistics data –Port Stephens Council still approved 71 attached dwellings (units and townhouses) compared to 119 in the 12 months prior.

“The vibe is still really good in Port Stephens and there’s the perception that it’s a really good value area, much cheaper than Newcastle and especially Sydney.”

Mr Jennion saidhome building approvals suggest activity across the HIA Hunter Region continues to perform strongly

“Like many other areas of Australia the latest ABS building approvals in the Hunter were very strong in November 2016, with the total volume of approvals for new dwellings bouncing to the second highest figure of the year,” he said.

“In total 562 approvals were issued for new dwellings across the Hunter and Central Coast, compared to 423 the month prior, with much of the heavy lifting continuing to occur in the Lower Hunter and Central Coast local government areas (LGAs).

“In total over the twelve months to November 2016 a strong 5,517 approvals have been issued, some of the highest annual totals we have seen in recent years.”

The Hunter Regional Plan states an additional 70,000 dwellings will be needed in the region by 2036, whilst the Central Coast Regional Plan identifies 41,500 dwellings. The combined dwelling target of 111,500, requires an annual average of 5,575 additional dwellings.

Mr Jennion noted the 12 months to Novemberwas still58 home short of the annual target.

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