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According to the Australian Bureau of Statistics, there was a very slight increase (+0.7 per cent) in the volume of new home building approvals during December 2024.

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This was the result of a 6.0 per cent increase in higher density dwelling approvals during the month. However, detached house building approvals dropped by 2.8 per cent during December.

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When looking at the yearly performance, 171,394 new homes received approval during 2024 overall, a modest gain (3.9 per cent) on the year before. This was driven by a 7.0 per cent gain in detached house approvals during 2024.

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Currently, all states and territories have fallen short of their Housing Accord target if building continues at this pace.

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“In 2024, higher density approvals dropped back by 1.3 per cent, meaning 2024 was the worst year for higher density approvals since 2011.

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“The insufficient flow of new home building on the higher density side of the market is one of the main sources of rental price inflation.

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“Latest data indicate that rents rose by 6.2 per cent over the year to December 2024 – one of the biggest sources of inflationary pressure,” Mr Garrett said.

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“Australia desperately needs to boost housing supply, and this will only be achieved when the cost of new home building starts to moderate, and project costs stack up.

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“It’s more than just a number - the lack of housing supply is leading to rising rents, homelessness, and higher mortgages, which impacts the well-being of individuals, families, and communities.

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“This Federal Election, all parties must be clear on how they will help build more homes for Aussies.

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“Over the coming weeks, Master Builders will be releasing its election platform and pre-budget submission with what policy areas require further investment or action to facilitate more investment in home building,” Ms Wawn concluded.