South Australia’s recorded a more than 20 percent jump in building approvals over the past year, as the State Government makes crucial policy changes to address the housing shortage.

The number of dwellings approved in October was more than 11 per cent higher than our decade average, the highest growth over that period of any state in the nation.

Nationally, building approvals are currently 8.9 per cent lower than the decade average.

While SA approvals dipped slightly in the month of October by 0.3 per cent, overall dwelling approvals for the year are almost 23 per cent higher, second only to WA which has grown by more than 32 per cent.

It comes as Adelaide’s property sector records the equal highest monthly growth of any capital city market in the country, according to PropTrack, reinforcing the urgent need for more housing supply.

The data shows in the month of November, Adelaide house prices increased by 0.4 per cent, taking the average price of a home to a record high $795,000.

It’s $92,000 more than the average dwelling price a year ago.

Quotes

Attributable to Stephen Mullighan

South Australia’s housing construction sector continues to outperform historical norms, reinforcing the State Government’s long-term plan to address the housing crisis through the Housing Roadmap.

Despite significant economic headwinds across the country, the State’s construction sector is performing better than the rest of the nation.

However, the State government acknowledges the urgent need to boost supply and support first home buyers with initiatives like stamp duty relief, as the average price of a house in Adelaide reaches a record high.