New housing completions down as Minns government fails first housing report card

The Minns government is drastically lagging behind in its housing delivery targets with new ABS data showing dwelling completions are down 40 per cent from where they need to be.

NSW is drastically lagging behind its housing targets, delivering more than 7500 less homes than needed within the first three months of the National Housing Accord period.

New housing data from the Australian Bureau of Statistics released on Wednesday revealed a total of 11,349 new dwellings were completed in the 2024 September quarter. This is down by more than 870 homes from the previous quarter.

The housing completions are down around 40 per cent from the nearly 19,000 new homes that would need to be completed per quarter for the Minns government to hit its housing targets of 377,000 homes by 2029.

The data also showed the commencement of new home builds were slow off the mark, with more than 11,770 started in the last quarter, up 744 homes from the previous period.

New housing data from the Australian Bureau of Statistics revealed a total of 11,349 new dwellings were completed in the 2024 September quarter. Picture: NewsWire / Flavio Brancaleone

Industry leaders are concerned the reduction in new completed homes is in part due to projects taking longer to build. The data also revealed new apartments are taking more than two and half years to build last financial year.

In comparison to other states and territories, NSW is among the worst-performing, with only Tasmania and the Northern Territory falling further behind in their targets.

Property Council NSW Executive Director Katie Stevenson said with each quarter the state falls short of meeting its housing targets, the task of ending the housing crisis becomes more difficult.

“We need to be delivering 75,400 new homes a year for the five years to 2029, yet in NSW the last 12 months has seen just 45,692 completions and even fewer building starts – just 42,508 – further delaying the dream of home ownership or affordable rental for

thousands of people across NSW,” she said.

“These figures from the September quarter highlight how critical it is for the state government and local councils to get behind the reforms now in place. There is an urgent need to accelerate the delivery of homes through the development pipeline.”

NSW Property Council executive director Katie Stevenson in Zetland. Picture: Jeremy Piper

NSW Opposition Leader Mark Speakman said the first housing report card did not bode well for Premier Chris Minns who has made housing delivery a key priority of his government.

“Housing approvals have collapsed to their lowest levels in 12 years, rents have skyrocketed, families are being priced out of their communities and these figures now show that the Government is nowhere near being able to reach its target,” Mr Speakman said.

Planning Minister Paul Scully said it would take time before the effects of the government’s housing reforms would be seen in the housing completion data.

“We can see that housing delivery continues to be impacted by general economic conditions, higher material and land costs and skilled labour shortages,” he said.

“NSW continues to have the highest number of dwellings under construction at more than 72,000, and the ABS has also recorded an uptick in new housing commencements.

“It will take time before our significant reforms deliver the turnaround in the housing supply families and young people need and the Government has been clear from the very beginning that 75,000 new homes, from almost a standing start, would be difficult to accomplish in 12 months.”

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