New home building lifted during in the September quarter 2024, according to data released this week by the Australian Bureau of Statistics.
The figures show that the total number of homes commenced in Australia rose 4.6% to 43,247 dwellings in the September quarter, in seasonally adjusted terms.
New houses drove the increase, rising 5.2% to 27,651 dwellings following a rise of 3.7% in the June quarter. Work started on apartments and multi-units also improved, by 3.8% to 14,677 homes following a fall of 5.0% in the June quarter.
There were 220,265 homes under construction in the September quarter, of which 87,672 were new houses.
In seasonally adjusted terms, 44,884 homes were completed in the September quarter. New houses accounted for 28,677 of those, up 0.2% from June. Work finished on multi-unit homes, on the other hand, fell 5.5% from June to 14,860 dwellings.
The value of new residential building rose 2.2% to $20.1b in the September quarter, in seasonally adjusted terms, following an increase of 1.2% in the June quarter. Work done on alterations and additions to residential buildings fell 1.2% to $3.2b.
We hope you have enjoyed this article. It is our pleasure being your real estate agents in Brisbane.
If you would like any assistance or advice, please feel very welcome to get in touch with our Brisbane real estate agents, Brisbane property management team, or Brisbane buyers agents.
