The latest ABS Building Approvals data shows continued growth, with 218,442 new dwellings approved for the 12 months to May 2015, up from 192,561 approvals for the 12-month period to May 2014. Building approvals increased 2% on the April 2015 figure and rose 13% year-on-year.

“Today’s result is the best possible news for combating the challenge of housing affordability,” said Nick Proud, spokesman for the Property Council of Australia. “The only meaningful way to take the pressure off prices is to increase new housing supply …” The rise is clearly illustrated in NSW where building approvals have risen from 34,500 for the year to May 2012 to 57,088 for the year to May 2015.