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Building boom set to slow

Building approvals have tipped down again, thanks to the ever-volatile apartment sector, official figures show.

Data released this week by the Australian Bureau of Statistics shows that the seasonally adjusted number of dwellings approved fell 12.9% in October, following a 3.9% fall in September.

This result still remains 34.3% higher than the pre-pandemic level in October 2019, however.

The decline was driven by a large fall in approvals for apartments or multi-unit dwellings, which fell 37.5%.

Private sector houses stabilised, up 4.3% in October, following a 14.8% fall in September.

Across Australia, approvals fell in New South Wales (down 29.4%), South Australia (8.1%), Western Australia (2.7%), Victoria (2.0%) and Tasmania (1.8%). Queensland rose 2.2%, in seasonally adjusted terms.

The fall in approvals for New South Wales was driven by a large decline in apartment developments approved in October.

The value of total residential building fell 11.4%, comprising a 13.5% decrease in new residential building, and a 2.6% rise 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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