Real Estate
24 March, 2025
Housing approvals drop off
HOUSING approval numbers are starting to fall again, including in the Far North, in the last quarter of 2024.
Figures from Australian Bureau of Statistics reveal all regions, except the Gold Coast, enjoyed a boost in the number of approvals of new houses and units in the 12 months to January, rising by 6.3 per cent across Queensland.
The cost to build also stabilised, helping to release some of the pent-up demand for detached houses, and increasing approvals statewide by 12.7 per cent over the year.
Unfortunately, this was not the case for units, where approvals continued to struggle, down 6.9 per cent.
However, the three-month breakdown from November to January disappointingly confirms a return to a downward trend. Greater Brisbane (-14.9 per cent) and Wide Bay Burnett (-11.5 per cent) clocked double-figure negatives, along with Gold Coast (-8.3 per cent), North Queensland (-7.5) and Far North Queensland (-6.4 per cent), Mackay and Whitsunday (-2.8 per cent) and Downs and Western (-2.4 per cent). Central Queensland was the only exception, with a +3.9 per cent hike.
Master Builders Queensland chief executive officer Paul Bidwell said the state government had made significant strides forward in slashing red tape, but those efforts were yet to translate into bricks and mortar.
“We applauded the Building Reg Reno announcement in February, with steps including a freeze on the unworkable Project Trust Accounts system, and more recently, the scrapping of unnecessary financial reporting for around 50,000 small businesses. But this is only part of the story and change won’t happen overnight,” he said.
“We now have the freshly reinstated Queensland Productivity Commission, which will spotlight our industry and hone in on the challenges hampering the delivery of low-rise housing, and large unit developments.
“From scrapping the already-frozen Best Practice Industry Conditions and Project Trust Accounts, to addressing barriers to more workers joining our industry as newcomers or from interstate, and making the Queensland Building and Construction Commission operate as a more balanced and robust regulator, these are issues we have long advocated on.
“In the 12 months to January, 35,727 new builds were approved across the state – well shy of the government housing target we’ve been set of 50,000 each year.
