Read the latest RDI Annual update report

(SEPTEMBER 2019) English Version
 

UDIA Victorian Residential Development Index (RDI) Annual Update Released - September 2019
 
The 2019 UDIA Residential Development Index (RDI) has just been released and the findings point to a looming drought of new housing.
 
Total building approvals for dwellings in Victoria have declined by 21% to 59,724 in FY18/19 from 75,634 in FY17/18.
A shortfall of 6,846 dwellings was delivered in FY18/19.
Victoria in Future population forecasts requires 66,000 to 68,000 new dwellings be built each year in Victoria.
 
Fast Facts
Total dwelling approvals in Greater Melbourne decreased by 26.5% to 43,915.
Apartment approvals across Melbourne declined by 54%, townhouses by 22% and houses by 15%.
Total dwelling approvals in inner Melbourne have decreased by 56% to just 5,915.
The City of Melbourne specifically experienced a decline in approvals for dwellings of 74%.
The residential construction industry supports almost 188,000 full time, part-time and casual jobs across the Victorian economy.
 
UDIA Victoria is using this research to advocate for State and Local Governments to continue delivering Precinct Structure Plans, Infrastructure Contribution Plans, and Planning Approvals to enable the residential development industry to deliver a robust pipeline of new housing, jobs and economic activity for Victoria.
UDIA Victoria’s recent submission to the Commissioner for Better Regulation (as part of the review into the planning and building approval system), recommended urgent action be taken to simplify the planning system and make the development approval process more efficient and transparent.


Why did we develop the RDI?
The residential development sector is a significant driver of the Victorian economy.

In 2016-17 the construction of new dwellings made a contribution to the Victorian economy of more than $20 billion.

This contribution is expected to have increased to over $22.9 billion in 2017-18. This does not include the contribution that the sector makes to the Victorian Government's own source tax collections.

The sector sustained over 162,000 jobs in Victoria in 2016-17. 


What is the RDI?
The RDI measures the health of Victoria’s residential development industry on an ongoing basis.

The research examines the dynamics impacting the industry, including economic conditions, population growth, development activity, trend data, regulatory changes and policy implications. These industry activity fundamentals inform the RDI, which determines whether the industry is operating in a strong, moderate or weak market, relative to recent and long history. 



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Thank you to the research team at EY for working with UDIA to develop the Residential Development Index, which fills a critical gap in the data and information available to the industry on how we’re tracking and what to watch out for moving forward. 


The September 2019 Annual Report release has also generously been translated into Mandarin by our Research Partner, Jinding Australia - 

We will update this version here shortly - Mandarin translated report - 请点击此处阅读报告的中文翻译版

RDI Research Partners 


 

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