Home News Resurgence in building approvals for October

Resurgence in building approvals for October

Font size :
There was a turnaround in building approvals in October, pushing the total number of residential dwellings approved nationally to 233,180 over the year on a seasonal basis, according to the Property Council of Australia.

The resurgence in October is welcome news, said Nick Proud, executive director residential for Property Council. The numbers are a good indicator of the national economy’s gains.

“Property is Australia’s largest industry, contributing more to GDP than any other and strong residential construction activity helps underpin the 1.1 million jobs the industry creates,” Proud said.

Proud remarked that it is important to approve even more new housing construction to strengthen the gains new supply has made in terms of improving housing affordability for all.
He noted that the 19,652 building approvals posted in October are close to the peak of 20,000 recorded earlier this year.

Among the states, Victoria was the leader in month-on-month increases at 3.9%. The state has hit 70,000 approvals over the last 12 months through October for the first time.

South Australia enjoyed that biggest jump, up 23.4% for October. Approvals in the state are over the 10-year average, and the increase means potential job creation for South Australia.
Not all states enjoyed an increase; Queensland posted the largest drop in dwellings approved, with 28.7% fewer homes approved in October compared to its figure the previous month.

“It is clear that the larger states are still driving national activity, with benefits flowing through to the broader economy. Implementing national efficiencies for housing supply to support completions across all states will maximise the economic return from this heightened activity,” Proud noted.

Proud said that next year the industry needs to find better ways to both control strong residential construction activity to ensure consistency, and to adequately supply consumers with the properties they need.


 

Whether you are looking to buy your first home, move home, refinance, or invest in property, a mortgage broker can help. Access loans from all the major lenders, get help with paperwork – plus there is no charge for this service. Get help from a local mortgage broker

Mortgage News and Articles

New social housing aims to transform Ivanhoe Estate New social housing aims to transform Ivanhoe Estate

The sprawling redevelopment aims to boost the supply of affordable housing in Sydney Read more

A new suburb will be built in west Melbourne A new suburb will be built in west Melbourne Mount Atkinson will become home to more than 22,000 people over the next 15 years ... Read more

Surging house prices threaten liveability in Melbourne Surging house prices threaten liveability in Melbourne Analysts warn the city could become just as unaffordable as Sydney, if property trends continue ... Read more

More Aussies would benefit from regional hubs linked to cities More Aussies would benefit from regional hubs linked to cities Shorter commutes could spur higher home sales in regional towns, analysts say ... Read more

More mortgage news and articles

Sponsored Links

Thursday, Aug 17, 2017
Top Featured Rates
Top Bank Rates

Get help choosing the right home loan

Let us help you find the right home loan for your needs.

Tell us a bit about your circumstances:
  • Purpose of mortgage
  • Household Income
    $
  • How much do you want to borrow?
    $
  • How much deposit do you have?
    $
  • How much is your house worth?
    $
  • How much do you still owe on your mortgage?
    $
  • What type of mortgage do you have?


  • How much is your new home?
    $
  • How much do you want to borrow?
    $
  • How soon do you want a mortgage?
Next
  • First name
  • Last name
  • Where do you live?
  • Phone number

Special Offers

Related Keywords