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Houses win approvals

Building approvals rose again in February, due largely to a jump in houses, according to data released this week by the Australian Bureau of Statistics (ABS).

The seasonally adjusted figures show that the total number of dwellings approved rose 4.0% in February, following a 27.1% fall in January.

The increase was driven by an 11.3% rise in approvals for standalone houses, after a 10-year low in January. The result nevertheless remains 13.6% lower than February 2022.

Multi-unit approvals fell a further 9.5% in February, following a 40.3% decline in January, and is at its lowest level recorded since July 2012.

Across Australia, total dwelling approvals increased sharply in Tasmania (up by a whopping 122.1%), and to a lesser degree in South Australia (up 28.5%), New South Wales (14.0%) and Victoria (8.5%). Queensland (down 13.7%) and Western Australia (6.4%) fell in seasonally adjusted terms.

Approvals for standalone houses rose in all states: Queensland (up 18.8%), Victoria (10.3%), New South Wales (9.9%), Western Australia (2.4%), and South Australia (1.6%).

The value of total residential building approvals rose 7.7%, comprising an 8.4% increase in new residential building and a 3.7% rise 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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