Big lift in apartment and townhouse approvals

Big lift and apartment and town house approvals - Newsreel
A growing demand for accommodation has sparked a big monthly lift in approvals for townhouses and apartments. | Photo: Balance Form Creative (iStock)

Approvals for terrace houses, townhouses and apartments have shot up as the market tries to soak up strong housing demand.

The Australian Bureau of Statistic’s seasonally adjusted dwelling approval figures for May showed a 16.3 percent lift for this type of accommodation.

This compared with a 2.1 percent rise for free-standing houses.

Overall there was a 5.5 percent lift in total dwelling approvals in the month, up from 1.9 percent in April.

Queensland’s total dwelling approvals rose 6.3 percent in May, ahead of South Australia (4.1 percent), Tasmania (3.8 percent) and New South Wales (2.9 percent).

Western Australia led the rise at 19.6 percent followed by Victoria (8.9 per cent).

“The value of total buildings approved rose 0.6 percent (to $13 billion),” the ABS said in a statement.

“This followed a 0.7 percent fall in April. The value of total residential building rose 2.3 percent (to $7.6 billion).

“This was made up of a 4.4 percent rise in new residential building and a 9.3 percent fall in alterations and additions.”

More information is available on the ABS website.