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Approvals leap for new apartments

Developers are regaining confidence in the property markets and showing it by gaining approvals on new projects, as evidenced in the latest figures from the ABS.This will be welcomed by the market as the tight rent situation needs some releief, albeit that it will take some time for the approvals to become available once built.

Building approvals rose strongly in November, thanks to a quantum leap in the volatile multi-unit segment, according to figures released this week by the Australian Bureau of Statistics (ABS).

Home building approvals for the month of November 2007 jumped by 8.9 per cent to 14,620.
This reflected a hefty 29.9 per cent jump in approvals for apartments, which in turn was primarily driven by a big spike in New South Wales. Detached house approvals rose by just 0.2 per cent to a level of 9,496.

On a state by state basis, the trend in building approvals in November increased by 5.6 per cent in New South Wales and was up by 5 per cent in South Australia, 1.9 per cent in the Australian Capital Territory, 1.5 per cent in Western Australia, 1.1 per cent in Queensland, and 0.3 per cent in Victoria.

The trend in building approvals was flat in Tasmania and fell by 9.2 per cent in the Northern Territory.

- market, trend, building, statistics

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