A drop in housing approvals in recent months heightens the issue of affordability in the real estate market, says the Illawarra Business Chamber.
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The chamber’s executive director Chris Lamont cited Australian Bureau of Statistics (ABS) data that showed a 12.7 per cent decline in building approvals between February 2016 and January 2017 compared to the same period in the previous year.
This decline ... raises concerns for housing affordability in the Illawarra.
- Chris Lamont
Over those time periods, only Kiama recorded an increase – up 164 per cent.
All other LGAs recorded falls, the worst in Wollongong where approvals went from 1550 to 1103 – a drop of 28.8 per cent.
“This decline in the number of building approvals in recent months raises concerns for housing affordability in the Illawarra given the average one to two-year lag between building approvals and building completion,” Mr Lamont said.
Housing affordability was an issue not just for those living in the Illawarra but also those looking to move here.
“The linkage between affordable housing, transport, economic development and job creation is critical to the Illawarra region,” he said.
“We need to increase the supply of affordable housing to accommodate current and future demand from key workers.”