Building approvals show consistent improvement
The housing industry has received another booster shot with recent news that building approvals for new homes have now been consistently rising for more than a year.
Latest figures released this week by the Australian Bureau of Statistics show that the number of dwellings approved rose 2.4 per cent in November 2013, in trend terms.
This number has been rising for 13 months in a row and is 23.9 per cent higher than at the same time the year before. Approvals to build multi-unit dwellings (‘other than houses’) have lifted by 38.6 per cent since November 2012.
The news was welcomed by the Housing Industry Association (HIA), which has been deploring the lack of supply for years.
“Total dwelling approvals totalled almost 174,000 over the past twelve months, a level of building which is much more consistent with Australia’s longer term housing needs,” HIA Senior Economist Shane Garrett said.
Dwelling approvals increased in trend terms in November in Queensland (4.9 per cent), South Australia (4.0 per cent), Victoria (3.7 per cent) New South Wales (1.3 per cent), Western Australia (0.6 per cent), Tasmania (0.4 per cent) and the Northern Territory (0.2 per cent) but decreased in the Australian Capital Territory (9.0 per cent).
Approvals to build multi-unit dwellings (‘other than houses’) lifted by 4.4 per cent, while approvals for private sector houses rose 1.1 per cent in November for the eleventh consecutive month.
Private sector house approvals rose in Victoria (2.4 per cent), New South Wales (1.7 per cent), South Australia (1.7 per cent) and Queensland (0.3 per cent), but fell in Western Australia (0.7 per cent).
The value of all residential building approved rose 2.6 per cent in November, in trend terms and has been rising for nine months. The value of new buildings rose 2.9 per cent, while renovations rose by 0.4 per cent.