THE latest ABS figures on new home approvals indicate that home building activity across the Hunter and Central Coast cooled slightly in 2023, according to the Housing Industry Association (HIA).

“In 2023 total dwelling approvals in the Hunter fell 7.4 percent, while on the Central Coast total dwelling approvals fell 2.9 percent compared to the 2022 calendar year,” said Craig Jennion, HIA Hunter Executive Director.

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“This in contrast to all states and territories that saw a greater decline in the 2023 calendar year. Nationally total approvals fell 15.4 per cent, while in NSW approvals fell 17.7 per cent.

“There was a total of 4,786 building approvals across the Hunter in 2023 and 1,586 on the Central Coast.

“Combined this is 6.3 percent weaker than in 2022, and 15.2 percent lower than 2021.

“It is twelve percent lower than the pre-Covid year of 2018.”

A total of 500 houses were approved in Port Stephens in the twelve months prior to December 2022.

In the twelve months to December 2023, 208 houses were approved, a reduction of 58.4 percent.

Unit approvals in Port Stephens were also down 49.6 percent year to year.

Mr Jennion said detached homes remained the preference for home buyers in the Hunter, accounting for 55.6 percent of all approvals.

“This is despite a 17.7 percent increase in multi-unit approvals,” he said.

“Much of the heavy lifting for the residential sector continues to occur in the statistical areas of Central Coast, Newcastle, Lake Macquarie, Maitland and Cessnock.

“These top locations for approvals, accounting for 89.5 percent of total approvals”, said Mr Jennion.

“Regionally Newcastle was the biggest mover with total housing approvals increasing by 114 percent.

“Detached dwelling approvals increased sixteen percent while multi-unit approvals increased by 159 percent.”