Apartment building rebounded dramatically in the final months of the financial year, according to data released this week by the Australian Bureau of Statistics.
The figures show that the total number of homes commenced rose 23.2% to a record high of 64,596 dwellings in the June quarter, in seasonally adjusted terms.
Work started on new houses rose 13.7% to a record high of 40,820 dwellings, following a 6.0% rise in the March quarter.
Private ‘other residential’ dwelling starts rose by a whopping 47.5% to 22,515 dwellings, following a 9.6% fall in the previous quarter.
The value of new residential building work done fell 0.7% to $15.9b, in seasonally adjusted terms. Work done on new houses fell 0.4% to $9.9b, while new other residential building fell 1.3% to $6.1b.
