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

← Back

House approvals reach new high

Approvals to build new houses reached yet another new high in April, according to data released this week by the Australian Bureau of Statistics (ABS).

Overall, however, the figures show that the total number of dwellings approved fell 8.6% in April (seasonally adjusted), following an 18.9% rise in March.

The fall was driven by apartments and multi-unit dwellings, which tumbled by 28.6%.

Daniel Rossi, Director of Construction Statistics at the ABS, said that while there was a fall in overall approvals, the April result highlights the continued strong demand for detached housing.

“Private sector house approvals reaching a new record high in April, up 4.6%”, he noted.

“Since the introduction of HomeBuilder in June 2020, private house approvals have risen 84%, with South Australia hitting a new record high in April, and New South Wales reaching the highest level since December 1988.”

The end of the grant on 14 April 2021 did not have a material impact on the April building approvals data, as the building approval process typically occurs after the submission of the HomeBuilder application.

Total dwelling approvals rose in New South Wales (up 12.3%), Western Australia (5.5%) and South Australia (3.4%), but fell in Victoria (down 23.5%), Queensland (14.3%) and Tasmania (2.5%).

The value of total residential building fell 7.1%, comprising a 7.6% fall in new residential building and a 3.8% fall in residential 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.

Google Rating
5.0