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Approvals slide

Approvals to build new apartments dived in November last year, according to data released this week by the Australian Bureau of Statistics (ABS).

The new figures show that the total number of dwellings approved fell 9.0% in November, in seasonally adjusted terms, following a 5.6% decrease in October.

The result was driven by approvals for ‘dwellings excluding houses’, which decreased 22.7%. Approvals for houses fell by 2.5%.

ABS head of construction statistics Daniel Rossi noted that the November result is the third consecutive month of declines for total dwelling approvals, having fallen 21.7% since August.

Across Australia, the total number of approvals fell in New South Wales (down 18.4%), Western Australia (17.5%), Victoria (12.7%), and Queensland (5.6%), while Tasmania (up 75.7%) and South Australia (10.0%) recorded increases.

Approvals for standalone houses fell across most states, with Victoria (down 8.0%), Western Australia (6.1%), South Australia (2.6%) and Queensland (1.2%) decreasing, while New South Wales rose 1.2% in November.

The value of total residential building approvals fell 4.0% in November, comprising a 3.1% decrease in new building and a 9.2% decrease 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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