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Approvals rise in November

New home building is set to continue into 2022 with a rise in approvals reported in November, according to the Australian Bureau of Statistics (ABS).

The latest figures show that the total number of dwellings approved rose 3.6% in seasonally adjusted terms in November, following a 13.6% fall in October.

The rise was driven by an increase in approvals for apartments and multi-unit homes, which rose 9.7%.

Approvals to build houses continue to level off, up 1.4% in November, following a 3.5% rise in October.

While house approvals are no longer at record highs, the November result remains 25.8% higher than the pre-pandemic level in November 2019, indicating on-going strength in the detached housing market.

Across Australia, the number of dwelling approvals rose in Tasmania (up 40.8%), Queensland (20.0%), South Australia (14.5%) and Victoria (8.9%) but fell in New South Wales (down 18.4%) and Western Australia (1.1%).

Approvals for houses rose in Queensland (7.4%), South Australia (6.4%) and New South Wales (5.4%). Falls were recorded in Western Australia (-12.1%) and Victoria (-0.8%), in seasonally adjusted terms.

The value of total residential building rose 7.1%, comprised of an 8.5% increase in the value of new residential building, and a 0.8% fall in alterations and additions.

About Adam Nobel

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

adam@hugoalexander.com.au

0417 007 001

Adam is the founder and Principal of Hugo Alexander Property Group. With a previous career in advertising, 20 years experience in property investment, and 14 years in Brisbane real estate, he knows the market inside out to ensure his clients grow their wealth faster.

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