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Apartment boom yet to bust


Tower crane on apartment buildingApartment construction is still going strong according to new figures.

The pace of apartment construction was responsible for a spike in dwelling approvals for November, figures from the Australian Bureau of Statistics reveal. Private house approvals fell 2% for the month on seasonally adjusted terms, while apartment building skyrocketed 30.6%.

The rise in apartment building led to an 11.7% seasonally adjusted increase for total dwelling approvals.

"Dwelling approvals have continued to rise in recent months, which has been driven by renewed strength in approvals for apartments," ABS director of construction statistics Justin Lokhorst said.

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While dwelling approvals were up in Victoria, Tasmania and South Australia, they fell in the ACT, the Northern Territory, Queensland, New South Wales and Western Australia in trend terms. The ACT saw the sharpest decline, with approvals falling 21.9% in trend terms.

The total value of building approved was up 1.5% in trend terms for the month, driven by a 2.3% rise for residential building. The total value of building approvals has now risen for the last 11 months.

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