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Apartments soar again

Approvals to build new apartments soared in January, according to data released this week by the Australian Bureau of Statistics (ABS).

The latest figures show that the total number of dwellings approved fell 1% in January (seasonally adjusted), after a 10.1% fall in December.

Approvals to build standalone houses were down 9.9% in January, meaning that, in trend terms, approvals in this sector have fallen for four consecutive months.

Meanwhile, approvals for ‘dwellings excluding houses’ rose 19.5% in January in seasonally adjusted terms, driven by a rise in apartment approvals in Queensland.

Total dwelling approvals fell in New South Wales (down 14.9%), Victoria (9.8%), and South Australia (7.2%). Meanwhile, rises were recorded in Queensland (up by a whopping 31.8%), Western Australia (11.4%), and Tasmania (5.1%).

Approvals to build standalone houses fell in all states: Victoria (down 16.7%), New South Wales (13.1%), Western Australia (7.3%), Queensland (1.7%), and South Australia (0.4%).

The value of total residential building rose 16.1% in December, comprising a 19.4% increase in the value of new residential building and a 3.1% 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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