Housing activity has dropped to its weakest point in nearly ten years, reports Breaking News.
Last year saw 16,412 commencement notices submitted, marking the lowest figure recorded since 2016, reports Breaking News.
A commencement notice signals planned homebuilding activity and reflects an intention to begin residential construction.
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In contrast, 69,000 notices were lodged in 2024, supported by short-term measures such as waived development levies and rebates on water connections, reports Breaking News.
The Department of Housing, however, says that more than 85,000 notices were filed across 2024 and 2025 combined, representing an increase of over 40 per cent compared with the prior two-year period.
Some improvement emerged in December, when just over 3,000 notices were submitted, twice the number recorded the month before, with apartments accounting for more than half, reports Breaking News.
Davy Research described the December data as encouraging.
Its analysis indicated that around 4,000 homes need to begin construction each month to align with the Government’s goal of delivering more than 50,000 homes annually for the rest of the decade, reports Breaking News.
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