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In 2024, Australia saw 171,394 new homes approved for construction, a 4.7% increase from the previous year, with standalone house approvals up 7.3%. However, multi-dwelling approvals, such as apartments, fell by 1.3%, marking the worst year for higher-density builds since 2011.
Key points:
- Detached houses: Approvals increased by 7.3%, with 108,167 houses greenlit in 2024.
- Apartments: Approvals dropped 1.3%, highlighting challenges in multi-dwelling construction.
- Rising rents: The lack of apartment approvals contributes to rental price inflation, with rents rising by 6.2%.
- Urgent action needed: Experts call for measures to boost apartment approvals to meet housing supply goals.
Master Builders Australia鈥檚 Shane Garrett stressed that the insufficient supply of multi-dwelling homes is driving inflation, while industry leaders urge policymakers to address construction delays and costs.