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Apartments boost approvals in May

Approvals to build new apartments rose by almost one-third in May, according to data released this week by the Australian Bureau of Statistics (ABS).

The latest figures show that the total number of dwellings approved rose 9.9% in seasonally adjusted terms in May, following a 3.9% fall in April.

The increase was driven by approvals for ‘dwellings excluding houses’, which rose 32%. Approvals for standalone houses fell 2.7% in May, following a 0.2% fall in April.

Across Australia, the number of dwelling approvals rose in Western Australia (up 38.7%), Tasmania (26.8%), Queensland (20.9%) and New South Wales (4.7%), in seasonally adjusted terms, but fell in South Australia (down 21.3%) and Victoria (6.6%).

The value of total residential building increased by 5.6% in May, comprising a 5.9% rise in new residential building and a 3.8% increase for alterations and additions.

About Adam Nobel

Principal
M. Bus, Grad Dip Adv, B.Int Bus, LREA

adam@hugoalexander.com.au

0417 007 001

Adam is the founder and Principal of Hugo Alexander Property Group. With a previous career in advertising, 20 years experience in property investment, and 14 years in Brisbane real estate, he knows the market inside out to ensure his clients grow their wealth faster.

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