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Dwelling approvals rise in August

Approvals to build new houses and apartments rebounded in August, 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 7.0% in August, in seasonally adjusted terms, following a 7.4% fall in July.

Approvals for standalone houses rose by 5.8%, following three months of stability, while approvals in the more volatile multi-unit sector rose by 9.4%, following a 14.6% fall in July.

Total dwelling approvals were mixed overall, with rises recorded in Victoria (up 22.2%), New South Wales (12.5%), and Western Australia (12.3%). Meanwhile, falls were recorded in Queensland (down 26.9%), Tasmania (10.1%), and South Australia (6.9%).

Approvals to build standalone houses rose in all states, with Western Australia up 13.0%, Victoria 9.9%, South Australia 4.7%, Queensland 3.1%, and New South Wales 2.4%.

The value of total residential building rose 2.3% in August, comprising a 3.2% rise in new residential building and a 2.4% fall 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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