High density housing approvals fall in February

Falling building approvals for higher density dwellings is contributing to the rental crisis, chief economist at Master Builders Australia said today.

Shane Garrett’s comments follow the release of Australian Bureau of Statistic data showing high density approvals had fallen by -9.5 percent during February. He said declining approvals in this sector will put further pressure on renters, as well as first homebuyers.

“The volume of new approvals on the higher density side is now at its lowest in over a decade,” Mr Garrett said. “The output of new higher density homes has been depressed since before the pandemic.

“Inadequate volumes of new supply are contributing to growing difficulties in our rental market. Rents are currently rising at their fastest pace in over a decade.”

Master Builders Australia CEO Denita Wawn said the Federal Government needed to take ‘necessary steps’ to ensure there were no further interest rate rises.

“There is no silver bullet; this will take a concerted effort by all levels of government working in collaboration with industry,” said Ms Wawn.

The seasonally adjusted falls in February are part of a downward trend in the high density sector, which has seen a -45.9 percent drop over the year. This compares with a 11.3 percent uptick in approvals for private sector housing, seasonally adjusted. This sector is down -13.6 percent of the yearly period.

Tasmania recorded the highest increase in overall approvals, up 122.1 percent in February, followed by South Australia at 28.5 percent, NSW (14.0 percent), and Victoria (8.5 percent), while Queensland (-13.7 percent) and Western Australia (-6.4 percent) decreased. Approvals for private sector houses rose in all states.

Citizen Kanebridge, one of Australia’s premier private members’ clubs, will open a new chapter in Sydney’s fast-growing Norwest corridor, expanding its physical footprint to meet its property, finance and investment membership base where they live and work.

The club’s primary premises remains the Royal Automobile Club of Australia on Macquarie Street in the Sydney CBD — one of Australia’s most distinguished institutions — where Citizen Kanebridge members continue to enjoy full access to its storied facilities at the heart of the city.

The new Norwest chapter, to be known as Citizen Kanebridge Norwest, will be developed in partnership with Momento Hospitality, with the venue’s top floor facility serving as the primary location for key events.

Norwest has emerged as one of Sydney’s fastest-growing commercial and residential corridors, increasingly home to the developers, financiers and investors at the heart of the Citizen Kanebridge community. The move places the club at the centre of the growth story many of its members are most engaged in.

“Norwest is where the city is moving,” said Ruba Jaajaa, COO of Kanebridge Media. “For a club built around property, finance and investment conversations, it’s simply the right place to be.”

For Jaajaa, the expansion carries a personal resonance as much as a strategic one.

“There is also a wonderful sense of coming full circle in bringing Citizen Kanebridge to Norwest,” she said. “More than 20 years ago, this is where the foundations of the Kanebridge Group were first developed. Returning to the area is a warm opportunity to reconnect with the enduring relationships, trusted conversations and community that have been part of the Kanebridge story since 1999.”

Membership will be offered as a dedicated tier, the Citizen Kanebridge Norwest Individual Membership, including monthly dining credits at Momento Hospitality venues and access to the Sonato global reciprocal club network, spanning more than 250 private clubs worldwide. Members will also receive digital subscriptions to Kanebridge Quarterly, Robb Report Australia & New Zealand, and The Wall Street Journal.

Further details on the launch event calendar, membership applications and transition arrangements will be announced soon.

For further information, contact Ross Blainey at concierge@citizenkanebridge.com.au.

High density housing approvals fall in February

Master Builders Australia CEO has called on the Federal Government to put an end to further interest rate rises to relieve pressure on renters and first homebuyers

Citizen Kanebridge expands into Sydney’s fast-growing Norwest corridor, bringing the club back to the region where the Kanebridge story was shaped more than two decades ago.