Despite a drop in November, building approvals are still higher than last year, according to seasonally adjusted data released this week by the Australian Bureau of Statistics (ABS).
The latest figures show that the total number of homes approved fell 3.6% in November to 14,998, following a 5.2% rise in October.
The November result was impacted considerably by multi-unit dwellings, though the fall was evident across all residential building types. Approvals for standalone houses fell 1.7%, while ‘dwellings excluding houses’ dropped 10.8%.
ABS head of construction statistics Daniel Rossi observed that, despite the fall, total dwelling approvals remain 3.2% higher than November 2023.
The 1.7% fall in house approvals across Australia (to 9,028 dwellings), follows a 4.0% fall in October. Despite this, approvals for houses remain 3.8% higher than a year ago. Queensland was the only state to see growth in November, with a 4.3% rise.
Approvals for multi-unit dwellings fell 10.8% (to 5,285), which was 6.4% lower than a year ago. The result was driven by a large fall in apartment approvals in New South Wales and Victoria, following a strong October result.
The total value of residential building fell 0.5% (to $8.36 billion), made up of a 0.6% fall in the value of new residential building approved ($7.21 billion) and a 0.3% rise in alterations and additions ($1.15 billion), in seasonally adjusted terms.
We hope you have enjoyed this article. It is our pleasure being your real estate agents in Brisbane.
If you would like any assistance or advice, please feel very welcome to get in touch with our Brisbane real estate agents, Brisbane property management team, or Brisbane buyers agents.
