ACT housing approvals slump puts 2030 target under pressure
Building approvals in the ACT dropped by half in the three months to August compared to a year earlier. The slump raises serious doubts about whether the territory can meet its 2030 housing supply target.
Building approvals in the ACT halved in the three months to August compared to the same period a year earlier.
Building approvals in the three months to August halving compared with a year earlier - Geordan Murray, HIA Executive Director ACT and Southern NSW
Are ACT building approvals dropping and what does it mean for my workload?
Builders and related trades in the ACT face a shrinking project pipeline, meaning fewer contracts and less work ahead if approvals don't recover.
Key takeaways
- ACT building approvals fell by half in the three months to August 2024 versus a year prior.
- The slump puts the ACT government's 2030 housing supply target under serious pressure.
- Builders and tradies in the ACT may see fewer new projects in the short to medium term.
- Industry body HIA has flagged the downturn as a significant concern for the region.
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