Building Approvals In Victoria Up By 28.5 % For November 2017

Building Approvals In Victoria Up By 28.5 % For November 2017

Victoria Treasurer Tim Pallas

Victoria Leads The Nation’s Building Approvals

Victor P Taffa

In good news for housing affordability, Victoria recorded the strongest growth in building approvals across the nation, bolstering housing supply and making an important contribution to the State’s economy.

“Strong growth in residential building approvals is good news for housing affordability and another sign that we have the policy settings right when it comes to housing in Victoria.” Treasurer Tim Pallas said.

“This building boom means more jobs and homes for our growing population, as well as warehouses, factories and accommodation for our thriving businesses and industries.”

 

Australian Bureau of Statistics (ABS) data shows the total value of Victorian building approvals increased by 28.5 % to $4.6 Billion in November 2017, and is up 67.2 % over the year.

This is the biggest monthly growth in the value of total building approvals in the nation, with Queensland (+15.4 %) the only other state to record positive growth for the month.

Value of residential building approvals rose 47.8 % in November and 92.7 % over the year. Both the monthly and annual growth was the highest among all states.

Meanwhile, the value of non-residential building approvals is 21.6 % higher compared to a year ago.

Number of dwelling units approved also rose 37.9 % in November, and is up 72.0 % over the year, boosted by an increase in high rise apartment approvals.

This equates to the largest monthly and annual growth in dwelling units approved in the nation, contributing 31.8 % of Australia’s total dwelling unit approvals over the year.

Strong building approvals are an important contributor to the state’s economy, in particular its labour force.

Since its election in November 2014, the Andrews Government has helped create more than 300,000 new jobs the majority of them full time.