Approvals to build new multi-unit homes rebounded in July, according to seasonally adjusted data released this week by the Australian Bureau of Statistics (ABS)
The figures show that the total number of dwellings approved rose 10.4% in July to 14,797, after a 6.4% drop in June.
ABS head of construction statistics Daniel Rossi remarked that ‘dwellings excluding houses’ rose 32.1% after a low June result.
“Private sector house approvals also rose by 0.6%”, Rossi said.
“Despite the bounce in July, total dwellings approved remain 5.1% lower than the five year average.”
House approvals rose 0.6% (to 9,252 dwellings), driven by an 8.5% rise in New South Wales in July.
Across the other states, results were mixed. Queensland and Victoria fell after rising in June, while South Australia and Western Australia continued to track upwards. House approvals in Western Australia reached the highest level since July 2021, in seasonally adjusted terms.
Approvals to build multi-unit homes rose 32.1% (to 5,234 dwellings), to be 15.9% higher than one year ago. The bounce followed a low June result of 3,963 dwellings approved.
The result in July was driven by an increase in approvals for high-density apartments. There were 2,504 apartments approved in nine or more storey blocks in July, in original terms, compared to 533 in June.
Total residential building rose 9.0% (to $8.49 billion) in June. The primary driver of the rise was in the value of new residential building approved, which rose 11.8% (to $7.38 billion). Alterations and additions fell 6.8% (to $1.11 billion), following an all-time high of $1.19 billion in June, in seasonally adjusted terms.
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