Housing approvals have more than doubled in a year.
As the Central Coast housing market continues to buck the declining housing market trends sweeping Australia, it comes as no surprise that the regions home-building numbers are some of the strongest in the state.
New home building statistics from the Australian Bureau of Statistics (ABS) released earlier this month show that council approvals for new homes have more than doubled since 2017.
According to the stats, 2195 approvals were issued for new dwellings on the Central Coast in 2018 – a 54% increase from the 1425 approvals issued in 2017.
The fastest growing dwelling type was multi-unit dwellings such as multi-floor apartments, with a whopping 56% of all approvals in 2018 being made up of this type.
Hunter Industry Housing executive Craig Jennion said that the multi-unit structure was one of the fastest growing dwelling types on the Central Coast.
“In 2018 the most dominant dwelling type approved were multi-unit dwellings”, he said.
“This sector makes up 56 per cent of all approvals and increased by 99 per cent compared to a year earlier.”
Traditional detached houses also saw a boom in approvals with 19% more homes being approved in 2018 compared to 2017.
Jennion went on to say that high numbers like these are putting the Central Coast in a great position to grow the region, and meet the housing goals set by the Central Coast Council in 2018.
“Pleasingly for the first time since its launch in 2016, total approvals numbers for the government area were 120 dwellings, or 6 per cent, above the annual target needed,” he said.
“Total dwelling approvals were the strongest in the south of the local government area — a clear indicator of homeowner preferences and that the Gosford revitalisation program is very much underway.
“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.”
The Central Coast Council set a target to create 41,500 new homes in 17 years, with the goal to be reached by 2036.
SEE ALSO: 5 stunning snorkelling spots on the Central Coast – Click here to read!
SEE ALSO: Top 5 off leash beaches on the Central Coast – Click here to read!
This article is brought to you by Bendigo Bank…find your happy place.
Written by Kate Stevens
Images: Getty
