Latest ABS figures on new home building approvals indicate that activity across the Central Coast expanded strongly in 2018, reported the Housing Industry Association, the voice of Australia’s residential building industry.
“In 2018a total of 2,195 approvals were issued for new dwellings across the Central Coast Council, compared to 1,425 in 2017,an increase of 54 per cent”, said Craig Jennion, HIA Hunter Executive Director.
“In a reversal to 2017, the most dominant dwelling type approved were multi-unit dwellings”, said Mr Jennion.
“Comprising 56 percent of all approvals, multi-unit approvals increased by 99per cent compared to a year earlier. The traditional detached dwelling side of the sector also saw an uplift in approvals, with activity increasing by 19 per cent”.
“Pleasingly for the first time since its launch, total approvals numbers for the government area were 120 dwellings,or 6per cent, above the annual target identified as being necessary in the Central Coast Regional Plan 2036”, explained Mr Jennion.*
“Total dwelling approvals were the strongest in the south of the municipality, a clear indicator of home owner preferences and that the Gosford revitalisation program is very much underway”, said Mr Jennion.
“These results point to very healthy levels of activity for the residential construction sector in early 2019. The approvals also reinforce the affordability advantages that the Central Coast has over other locations in NSW, particularly Sydney where housing remains far from affordable for average households”,concluded Mr Jennion.
* The Central Coast Regional Plan 2036 projected housing demand of 41,500 additional dwellings would be required by 2036.