New home building has started the year in strength, according to approvals data released this week by the Australian Bureau of Statistics (ABS).
The latest seasonally adjusted figures show that the total number of homes approved rose 6.3% in January to 16,579, following a 1.7% rise in December.
ABS head of construction statistics Daniel Rossi noted that approvals to build new apartments drove the overall rise, up 12.7%, to the highest level since December 2022.
“Private sector house approvals were also up 1.1%”, he added.
The 1.1% rise in detached house approvals (to 9,042 dwellings) is 8.9% higher than January 2024. This follows a 2.8% fall in December.
Results across the states were mixed, with the greatest rises in Queensland (4.6%), Western Australia (3.3%), and South Australia (2.9%). Meanwhile, falls were seen in Victoria (down 1.2%) and New South Wales (0.8%).
Approvals to build multi-unit dwellings continued to rise, up 12.7% (to 7,213 dwellings), following a 17.4% rise in December. The overall result is 41.6% higher than one year ago. The upward movement was driven by a number of large apartment buildings approved in New South Wales over the past two months.
The total value of residential building rose 4.5% (to $9.04 billion), to an all-time high in January. This figure comprised a 5% gain in the value of new residential building approved (to $7.90 billion), and a 1.1% rise in the value of alterations and additions (to $1.14 billion).
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.
