Approvals to build new apartments rose by a quarter in October, according to data released this week by the Australian Bureau of Statistics (ABS).
The seasonally adjusted figures show that the total number of homes approved rose 4.2% in October to 15,498, following a 5.8% increase in September.
ABS head of construction statistics Daniel Rossi said that the overall rise this month was driven by an increase in apartment developments approved in New South Wales and Victoria, with ‘private dwellings excluding houses’ rising 24.8%.
“Meanwhile, private sector house approvals fell by 5.2% in October, after reaching a two-year high in September”, Rossi added.
House approvals dropped to 9,191 dwellings, following a 4.1% rise in September. Despite the fall, approvals in this sector remain 2.4% higher than a year ago.
South Australia was the only state to see growth in October, with a 1.0% rise, the highest for South Australia since August 2021.
Approvals to build multi-units rose 24.8% to 5,859 dwellings, which was 7.1% higher than a year ago.
The October result was driven by a lift in approvals for high-rise apartments, primarily in New South Wales and Victoria. In nine or more storey blocks, 2,782 apartments were approved in October, compared to 1,815 in September (in original terms). This was the most high-rise apartments approved since January this year.
Total residential building value rose 3.2% ($8.33 billion), made up of a 4.4% rise in the value of new residential building approved ($7.21 billion) and a 4.2% fall in alterations and additions ($1.12 billion), in seasonally adjusted terms.
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