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

← Back

House approvals hit 10-year low

Approvals to build new apartments continue to flag, according to data released this week by the Australian Bureau of Statistics.

The latest figures show that the total number of homes approved fell 27.6% in January (seasonally adjusted) after a 15.3% increase in December.

Approvals for private sector houses fell by 13.8% in a fifth consecutive drop, to be the lowest result recorded since June 2012.

The more volatile multi-unit series fell 40.8%, following a 41.9% rise in December.

Across Australia, the total number of approvals decreased in New South Wales (down 49.0%), Victoria (38.6%), Tasmania (31.7%), Western Australia (7.9%), and South Australia (6.5%). Only Queensland recorded an increase, of 25.6%, driven by apartment developments approved in January.

Approvals for private sector houses fell in all states: Western Australia (down 18.7%), New South Wales (17.3%), Queensland (16.6%), Victoria (9.9%) and South Australia (2.8%).

The value of total residential building approvals fell 13.6%, comprising a 15.1% decrease in new residential building and a 4.0% 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.

Google Rating