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Reno approvals up

Homeowners are becoming more inclined to renovate than build new homes, according to data released this week by the Australian Bureau of Statistics (ABS).

The latest figures show that the total number of approvals to build new dwellings fell 6.7% in June (seasonally adjusted), following a 7.6% fall in May and a 5.0% fall in April.

The fall in June was driven by an 11.8% drop in house approvals, while approvals to build apartments rose 0.8%.

ABS Director of Construction Statistics Daniel Rossi said that since the unwinding of stimulus measures, approvals for private houses have fallen 20.9% from a record high in April.

“Despite the fall, private house approvals remain at elevated levels and are 44.3% higher than June 2020 and 37.6% higher than June 2019″, he added.

Across Australia, only two states reported rising approvals: Victoria (up 12.8%) and South Australia (8.6%). Elsewhere, the number of approvals fell in Western Australia (down 30.5%), Queensland (18.4%), Tasmania (14.9%) and New South Wales (12.7%).

The value of total residential building fell 2.3% in May, in seasonally adjusted terms, comprising a 2.9% fall in new building and a 2.0% rise in 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.

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