SYNKO #4
This update incorporates that latest Building Activity data from the ABS which was published for March 2025
The latest Building Activity data showed that new dwelling construction activity is trending higher which is good news given the rate of population growth and demand for housing.
New dwelling commencements reached 47,645 over the March 25 quarter which was +11.7% over the quarter, +17.3% over the year and the highest volume of quarterly commencements since March 22.
Over the quarter there were 43,517 dwelling completions nationally. Completions were -4.4% over the quarter but +3.7% over the year. With the Housing Accord target calling for 60,000 completions a quarter, volumes were again well below this target.
At the end of the March 25 quarter there were 219,883 new dwellings under construction nationally. The number of dwellings under construction was +3.4% over the quarter and -2.9% compared to March 24.
There were 33,254 dwellings approved for construction but not commenced at the end of the March 25 quarter. This figure was -3.9% over the quarter and -3.3% over the year.
With the Federal Housing Accord target equating to 60,000 new dwellings built each quarter you need to commence at least that many (more in reality) and complete that many, neither of which was achieved over the March 25 quarter.
Across each state and territory the cumulative number of commencements and completions sits below the requisite targets.
It’s important to keep in mind that these targets are based on population not population growth rates and existing undersupply which likely would have been better and more accurate targets. They would have also resulted in a greater need for housing in the more populous states.
The updated SYNKO sheets are below.
