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Renovations shatter records

Renovations hit an all-time high in March this year, according to data released this week by the Australian Bureau of Statistics (ABS).

The latest building approvals figures show that the value of residential building approved rose 22.9%, in seasonally adjusted terms, driven by a 25.4% rise in new homes.

The value of approvals for renovations lifted 7.3%, the highest rise recorded by the ABS for this sector.

The total number of new homes approved in March was the second highest on record, exceeded only by the November 2017 result.

The number of dwellings approved rose 17.4% in March (seasonally adjusted), following a 20.1% rise in February.

Private sector dwellings excluding houses drove the increase, rising 63.6%.

The number of house approvals also remained at elevated levels due to HomeBuilder, edging up 0.1% to a new record high in March.

Total dwelling approvals rose in New South Wales (26.9%), Victoria (24.7%), Queensland (12.1%) and South Australia (3.5%), in seasonally adjusted terms. Total dwelling approvals in Western Australia and Tasmania fell (6.4% and 4.8% respectively).

Approvals for private sector houses rose in Victoria (7.8%) and South Australia (3.6%), seasonally adjusted. Falls were recorded in New South Wales (down 10.5%), Queensland (4.0%) and Western Australia (0.1%).

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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