Own an investment property? Discover your profitability score and grow your wealth faster. TAKE THE TEST

← Back

Apartments boost approvals

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.

About Adam Nobel

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


0417 007 001

Adam is the founder and Principal of Hugo Alexander Property Group. With a previous career in advertising, 22 years experience in property investment, and 16 years in Brisbane real estate, he knows the market inside out to ensure his clients grow their wealth faster.

Google Rating