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Approvals soar

Approvals to build apartments jumped by one-fourth in December, according to data released this week by the Australian Bureau of Statistics (ABS).

The figures show that the total number of dwellings approved rose 8.2% in seasonally adjusted terms in December, following a 2.6% rise in November.

The change was driven by an increase in approvals for ‘dwellings excluding houses’ (apartments and multi-unit dwellings), which rose 27.5%.

Approvals to build standalone houses, however, remained subdued, falling 1.8% in December, following a 1.6% decline in November.

Building approvals in this sector have fallen 31.5% since the April 2021 peak. While approvals for private houses have fallen from all-time highs, they remain at historically elevated levels, with the December result 20.5% higher than the pre-pandemic level in December 2019.

Across Australia, the number of dwelling approvals rose in New South Wales (up 32.1%) driven by dwellings excluding houses and Victoria (2.5%). Approvals fell in Queensland (down 14.8%), Western Australia (7.7%), Tasmania (7.4%), and South Australia (0.3%), in seasonally adjusted terms.

The value of total residential building rose 7.8%, comprising an 8.3% increase in the value of new residential building, and a 5.2% rise in the value of 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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