Australian dwelling approvals experienced a significant boost in November, climbing 15.2 per cent to a total of 18,406. The surge was primarily fuelled by a 34 per cent increase in private sector apartment approvals, according to the latest data from the Australian Bureau of Statistics. House approvals also saw a modest rise of 1.3 per cent, contributing to the overall positive trend in the housing sector.
The total value of residential building experienced substantial growth, jumping 26.3 per cent to reach $11.34 billion. This increase was largely driven by a 30 per cent surge in the value of new homes. This offset a slight downturn of 0.1 per cent observed in renovations, indicating strong confidence in new residential construction.
Across different states, the results were varied. Queensland led the gains with a 34 per cent increase in dwelling approvals, followed closely by New South Wales, which recorded a 29 per cent rise. In contrast, Western Australia experienced a 14 per cent decline in approvals, while Tasmania saw a decrease of 6 per cent. These figures paint a mixed picture of housing market activity across the country.
