Planning Delays Worsen Home Shortage
March 9th, 2010
A report compiled by the Australian Bureau of Statistics and Housing Industry Association and presented by SMH has shown that planning delays and council approvals are pushing home prices up, as the shortage of homes cannot keep pace with demand. Statistically, new hone loan approvals raced upwards by 58%, while new home approvals only went up a comparable 40% in the same period ending Dec 2009.
Simon Reibelt from Oasis Home Loans Northern Beaches stated that the final effect was one where there was an overflow of demand on both “to market” properties, extra people looking to rent and purchase while their current place was being either approved or built.