Latest ABS figures on new home building approvals indicate that activity across the Central Coast softened in 2017, reported the Housing Industry Association, the voice of Australia’s residential building industry.
“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 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.