Dwelling approvals 32 per cent below Regional Plan annual target

Latest ABS figures on new home building approvals, indicate that activity across Gosford City softened in 2017, according to the Housing Industry Association.
New housing approvals in Gosford for the 12 months to December, 2017, were 408 compared with 439 the previous year.
This is a decline of seven per cent.
For the same period, Wyong’s new housing approvals stumbled from 632 for the year to December, 2016, to only 400 the following year, a 37 per cent decline.
Unit approvals surged ahead in Gosford during the 12 months to December.
In the 12 months to December, 2016, 463 new units were built in Gosford, but in the 12 months to December, 2017, 504 new units were approved, an increase of nine per cent.
Over the same period, Wyong experienced a decline of 25 per cent in new unit approvals.
“In 2017, a total of 1,411 approvals were issued for new dwellings across the Central Coast Council, compared to 1,666 in 2016, a decrease of 15 per cent on unnaturally elevated levels”, said Craig Jennion, HIA Hunter Executive Director.
“The most dominant dwelling type approved across the government area remained the detached house, despite a decline of 25 per cent”, said Mr Jennion.
“Pleasingly, the traditionally more volatile multi-unit sector saw a slight lift in approvals, with activity increasing by 1 per cent.
Comprising almost 43 per cent of all approvals, the multi-unit sector was the strongest in the south of the municipality, a clear indicator that the supply of land is much more restricted”.
“Most concerning was the 35 per cent drop in total approvals in the north of the government area, and the fact that the 2017 total approval numbers are 664 dwellings, or 32 per cent, below the annual target established in the Central Coast Regional Plan 2036”, explained Mr Jennion.
“Whilst the overall levels of activity that the residential sector has been experiencing locally declined in 2017, and there is little doubt that the housing cycle has passed the peak, with strong consumer confidence and interest rates predicted to remain at historically low levels for some time, 2018 could still be stronger than many analysts expect”, concluded Mr Jennion.

Media release, Jan 13
Craig Jennion, Housing Industry Association

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