Apartment building is set for another burst, following a dramatic lift in approvals during December 2022, according to data released this week by the Australian Bureau of Statistics (ABS).
The latest figures show that the total number of homes approved rose 18.5% in December, in seasonally adjusted terms. The rise followed a 8.8% fall in November 2022.
The increase in December was led by a sharp rise in approvals for apartments and multi-unit dwellings, which were up by 56.6% driven by a number of large apartment developments approved in New South Wales and Victoria.
Approvals for standalone houses, however, continued to track downwards, falling by 2.3%.
Across Australia, total dwelling approvals rose in New South Wales (up 48.4%), Victoria (20.7%), Queensland (8.3%), and Western Australia (6.4%), while falls were recorded in Tasmania (down 49.7%), South Australia (24.6%).
Approvals for private sector houses were mixed, with increases in Western Australia (up 8.2%), Victoria (0.3%) and Queensland (0.2%), while South Australia (down 7.4%) and New South Wales (4.2%) fell.
The value of total building approvals rose 3.0% in December, following a 0.6% decrease in November. The value of total residential building approvals rose 6.6%, comprised of a 7.2% increase in new residential building and a 2.7% increase in alterations and additions.
