Building approvals are on the rise with the latest Australian Bureau of Statistics figures showing total approvals are up by 10.4% in July.
ABS head of construction statistics Daniel Rossi says house approvals are up by 0.6% for the month while apartment approvals are up by 32.1% after a low June result. In July approvals for total dwellings rose in New South Wales (0.5%), Victoria (2.4%), South Australia and Queensland (3.8%) and Western Australia (2.9%).
Approvals are down in Tasmania by 0.5%, and the ACT was down by 13.9%. The total value of residential buildings approved rose 11.8% to $7.38 billion while the value of alterations and additions fell 6.8% per cent to $1.11 billion.
Housing Industry Association economist Maurice Tapang says that the latest figures show market confidence appears to be returning to the home building market. “The uplift in home building approvals in those markets outside of Sydney and Melbourne has been driven by strong economic conditions and the relatively lower cost of delivering a
new home,” he says.