Home approvals drop, apartment plunge threatens Albanese target

New ABS data shows new home approval fell in August — and bigger drops are expected to hit just as Albo next faces an election. Australia’s future housing pipeline took a hit in August as a national plunge in apartments and units being approved dragged figures down. And in concerning news for the Albanese government and Australians hoping for a better housing market, experts believe the figures will be getting worse in the lead up to the federal election in May, 2028. Construction sector economists have now warned significant future declines in new housing approvals will see the nation building 16,000 fewer homes in the next financial year than the current one. RELATED: RBA cash rate hike delivers five-figure blow to first homebuyer budgets National housing target falters as home approvals fall across Australia Australians spend record $100bn on new homes amid tradie shortage With that reverse in trajectory, there are currently no projections that have the nation reaching the 240,000 new home builds a year goal set out by the Albanese government under the National Housing Accord’s 1.2 million new homes by 2029. In fact, the current financial year might be the best effort at just un...