Australia Apartment Permits Hit 12-Year Low Due to Cost Blowouts
- Building approvals are failing to keep up with housing demand
- Government aim to build 1.2 million homes by mid-2029 in doubt
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Australian apartment approvals tumbled to a 12-year low in February as capacity constraints and rising costs weigh on construction — right at a time when a surging population requires more homes be built.
Private sector dwellings excluding houses plummeted 24.9% to 3,771, the fewest since January 2012, government data showed Thursday. Total building approvals — including houses — slid 1.9% in February while January’s result was downgraded to a 2.5% fall from 1% previously.