Own an investment property? Discover your profitability score and grow your wealth faster. TAKE THE TEST

← Back

Building approvals seesaw

Building approvals continue to fluctuate from month to month, according to data released this week by the Australian Bureau of Statistics (ABS).

The latest figures show that the total number of dwellings approved rose 7.5% in October, in seasonally adjusted terms, following a 4.0% decrease in September.

Approvals for multi-unit dwellings increased 19.5%, following a 3.4% fall in September, while approvals to build standalone houses rose 2.2%, following a 4.7% September decrease.

Despite the monthly lift, total approvals have been low this financial year. In original terms, 55,029 dwellings were approved between July and October 2023, compared with 65,599 over the same period in 2022.

The October figures were driven by increases in Western Australia (up 11.0%), Queensland (10.7%), and New South Wales (9.6%). Falls were recorded in Tasmania (down 14.4%), South Australia (7.2%), and Victoria (1.4%).

The value of total residential building approvals rose 7.0% in the month, comprising an 8.9% increase in new home building and a 3.2% 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.

Google Rating