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Victoria's Housing Approvals Plummet, Affordability Plan Stalls
Description
Victorias housing approvals plummeted to 54,687 new homes, apartments, and townhouses, down from 56,346 the previous year, despite government efforts. The drop continued with a 1,000-unit decrease from February to March, aligning with a national decline of 10.5%. Units and apartments saw a 26% drop, hindering the Allan governments plan for 80,000 new homes annually. Experts attribute this to low buyer confidence, election uncertainty, and investor-deterring taxes. Despite headwinds, forecasters predict a rebound in approvals next year, but Victoria may lag behind other states in 2026.
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