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Apartments drive up approvals

Approvals to build new apartments jumped again in November, 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 1.6% in November, in seasonally adjusted terms, following a 7.2% increase in October.

Approvals for multi-unit dwellings increased 6.7%, following a 17.4% rise in October, while approvals for standalone houses fell 1.7%, following a 2.9% October increase.

Despite the monthly increase, total dwellings approved have been lower this financial year. In original terms, 70,900 dwellings were approved between July and November in 2023, compared with 81,954 over the same period in 2022.

Total approvals increased in Victoria (up 7.8%) and South Australia (6.0%). Falls were recorded in Tasmania (down by 22.6%), Queensland (14.6%), New South Wales (6.9%), and Western Australia (5.5%).

The value of total residential building approvals fell 2.1% in October, made up of a 2.0% decrease for new residential building and a 2.4% fall 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.

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