Seasonally adjusted dwelling completions in NSW were 12,909 in the September quarter, up by 37% on the June quarter. Over the 12 months to September 2025, NSW completed just short of 44,000 dwellings against an annual target of 75,000.
Property Council NSW Executive Director Anita Hugo said it was important to keep quarterly movements in perspective.
"One strong quarter does not make a recovery, and the reality is that NSW needs sustained higher completions over the coming months and years," Ms Hugo said.
"NSW is well into the Housing Accord period, and the delivery task is now critical. Approvals need to convert to starts and starts need to convert to completions at a much higher rate."
Ms Hugo said completions are the real-world measure because they represent homes people can move into.
"A house can take more than a year to build, and apartment projects can take several years from commencement to completion. That means the decisions we make now on feasibility, approvals and delivery pathways will determine the numbers we see in 2026 and beyond," she said.
Ms Hugo said the NSW Government had made real progress to get major planning reforms in place alongside a renewed focus on building productivity and looks forward to seeing these reforms translate into more projects getting off the ground and finishing.
"Transport-oriented development, the low and mid-rise housing policy, the Housing Pattern Book, the Planning System Reforms Act 2025, and the NSW Government's building productivity reforms are all driving in the right direction," she said.
"But feasibility remains make-or-break, particularly for apartments and other multi-unit projects that can deliver homes in well-located areas.
"Construction costs, finance settings, government taxes, fees and charges, and infrastructure contributions are all feasibility factors. When projects don't stack up, they don't start, and when they don't start, completions do not lift.
"We will work alongside government to create the certainty that will move more projects through the pipeline and get more keys in doors," Ms Hugo said.
