Housing approvals for units and apartments jumped to their highest level in more two years last month, with a more than 40 percent increase over 12 months.
Australian Bureau of Statistics (ABS) data, released today (March 6), shows the total number of dwellings approved rose 6.3 percent in January, to 16,579, following a 1.7 percent rise in December.
ABS Head of Construction Statistics Daniel Rossi said approvals for private dwellings, excluding houses, drove the overall rise, up 12.7 percent, to the highest level since December 2022.
He said private sector house approvals were also up 1.1 percent.
“The 1.1 percent rise in private sector houses is 8.9 percent higher than January 2024. This follows a 2.8 percent fall in December.”
Mr Rossi said across the states the results were mixed, with the greatest rises in Queensland (4.6 percent), Western Australia (3.3 percent), and South Australia (2.9 percent).
“Meanwhile, falls were seen in Victoria (-1.2 per cent) and New South Wales (-0.8 per cent).”
He said a number of large apartment buildings approved in New South Wales had driven the upward movement over the past two months.
“Private sector dwellings, excluding houses, continued to rise, up 12.7 percent, following a 17.4 percent rise in December.
“The overall result is 41.6 percent higher than one year ago.”
Mr Rossi said the value of total buildings approved fell 6.9 percent in January, to $14.73 billion, following an 8.9 per cent December rise.
