In another encouraging sign for the Queensland economy, the number of dwellings approved for construction has increased for the third consecutive month according to Australian Bureau of Statistics data released today.
Acting Treasurer Bill Byrne said total trend dwelling approvals in Queensland were now 11 per cent higher than the same period last year, driven by an increase in the number of approvals for units, townhouses and apartments.
“Today’s data shows a total of 3,841 dwellings were approved in Queensland in November 2015, up from 3,459 in November 2014,” Mr Byrne said.
“In trend terms, the total value of residential building approvals in Queensland was $1,067 billion in November 2015.
“This increase reflects the continuing strength of Queensland’s housing construction industry which has been driven largely by approvals in Inner City Brisbane, Brisbane South and the Gold Coast.
The ABS data shows approvals for medium-to-high density dwellings rose 1.9 per cent in November to 1,918 which is up 21.2 per cent over the year.
Mr Byrne said housing approvals had generally increased after the Palaszczuk Government’s election, up 2.6 per cent over the year to November 2015.
“Looking ahead, a strong pipeline of apartment projects, along with the recent increase in house approvals in Queensland, is expected to support dwelling construction activity and jobs in Queensland in 2016,” Mr Byrne said.
“There has never been a better time to build in Queensland where housing generally has a marked affordability edge over the major southern capitals.
“This Government has created the right conditions for stronger growth in the Queensland economy, with the Deloitte Access Economics Queensland Business Outlook for December 2015 confirming Queensland’s growth will outpace other states this financial year.”
In more volatile seasonally adjusted terms, national dwellings approvals declined 12.7 per cent in November 2015 driven by falls in units, townhouses and apartments in Victoria, South Australia and Western Australia.
Source: News Release, Queensland Government, 08 January, 2016