UDIA Development Forecast shows dwelling supply in Greater Sydney is headed for lowest levels since 1953
Monday 27 April 2020 (Sydney, Australia) — Without urgent interventions Sydney is headed for the lowest levels of dwelling completions since 1953. This will be a catastrophe for young home buyers, affordability and jobs.
The UDIA NSW Greater Sydney Development Forecast (based on data from NSW Department of Planning, Industry and Environment, ABS, Charter Keck Cramer and Research4) shows the projected dwelling completions for Greater Sydney will fall to 9,256 by 2022 in a worst case scenario. This is almost a 77% plunge since the peak in 2018.
“The research shows we are on track for the lowest dwelling completions since 1953,” said UDIA NSW chief executive Mr Steve Mann. There were 9,047 dwelling completions in 1953.
“With dwellings approvals declining 46% since the peak in 2016 the upcoming number of new homes being built in Sydney will be very low. A decline in supply, construction jobs and affordability will naturally follow suit, and we will end up critically damaging Sydney’s housing market in the short to medium term,” said Mr Mann.
This will have a devastating impact on Sydney and the regions from the Illawarra to the Hunter where growth occurs, but also across the State with the development supply chain supporting many regional communities.
“The focus must be targeted interventions that will enable new housing to be delivered now and a pipeline for growth into the future,” said Mr Mann.
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