Australian Bureau of Statistics (ABS) data has confirmed 54,323 new homes were built over the year ending September 2025 - the lowest number on an annual basis since 2014.
In September 2023, the Allan Labor Government announced a 'Housing Statement' which targeted the completion of 80,000 new homes a year.
However, in the two years since, only 116,025 new homes have been completed - 43,975 short and fewer than three-quarters of the target.
Under Labor, Victoria has the highest property tax burden in the nation as net debt continues to climb by $1.7 million an hour and is expected to reach a record $192.6 billion by 2028-29.
Leader of the Opposition, Jess Wilson, said: "With the number of new homes being built at the lowest level since 2014, it is clear Labor's 'Housing Statement' is a failure.
"Labor's highest-in-the-nation property tax burden means fewer homes, higher prices, high rents and is pushing critical investment in new housing supply interstate.
"Our state needs a new plan to deliver greater housing choice so that Victorians from all walks of life can have the best opportunity to live where and how they want."
Shadow Minister for Housing and Building, David Southwick, said: "Two years on from Labor's so called 'Housing Statement' and the completion of new homes has crashed to a decade low.
"For first home buyers, young families and key workers the dream of owning a home is becoming harder because Labor cannot get the basics right. This is a government that talks big and delivers small."
"Victorians are not asking for slogans. They are asking for homes. Labor has not delivered and are putting affordable homes further out of reach."
"Labor cannot manage money, cannot manage housing and Victorians are paying the price."
