Apartment building strong in April
Apartment building approvals have seen a resurgence in April, new figures show.
New data from the Australian Bureau of Statistics shows an 8.1% rise in multi-unit dwelling approvals in April. The rise helped underpin a 3% increase in total residential building approvals for the month.
“The growth in multi-unit approvals was driven by the eastern seaboard states, where we saw multi-unit approvals jump by 20% in Queensland, 19% in New South Wales and 7% in Victoria. South Australia also posted an increase of 3%,” Housing Industry Association (HIA) economist Geordan Murray said.
Murray said approvals for detached houses was continuing “to flow through at a steady rate” in spite of a 2% decline for the month. Murray said the result was “on par” with the monthly average of detached house approvals over the last two years.
“In contrast with the situation with multi-unit approvals, the number of detached house approvals fell across the eastern seaboard states while all other states and territories posted improvements. It’s pleasing to see the likes of South Australia post the strongest month of detached house approvals in more than two years,” Murray said.
Murray said the HIA maintained its forecast for a lower level of home building activity in 2016 than in 2015.