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Building approvals lift

Building approvals lifted again in May, according to data released this week by the Australian Bureau of Statistics (ABS).

The seasonally adjusted figures show that the total number of homes approved rose 5.5% in May, after a 1.9% rise in April.

ABS head of construction statistics Daniel Rossi said the rise in approvals in May was driven by dwellings excluding houses, which rose 16.3%.

“Private sector house approvals also rose by 2.1%”, he added.

Total dwelling approvals rose in all states, with Western Australia leading the rise, to be up 19.6%. This was followed by Victoria (8.9%), Queensland (6.3%), South Australia (4.1%), Tasmania (3.8%) and New South Wales (2.9%).

Approvals to build standalone houses increased in Western Australia (8.4%), New South Wales (5.9%) and Queensland (3.7%) but fell in Victoria (down by 3.4%) and South Australia (1.9%).

The value of total residential building rose 2.3% (to $7.6b). This was made up of a 4.4% rise in new residential building and a 9.3% fall in alterations and additions.

We hope you have enjoyed this article. It is our pleasure being your real estate agents in Brisbane.

If you would like any assistance or advice, please feel very welcome to get in touch with our Brisbane real estate agents, Brisbane property management team, or Brisbane buyers agents.

About Adam Nobel

CEO | 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, 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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