The Australian Bureau of Statistics has released the latest data on Victorian building approvals for September.

Highlights

• 3075 houses and 2927 multi-unit dwellings were approved in September 2018
• The quarterly total for approvals in houses and multi-unit dwellings as of the September quarter 2018 totaled 9405 and 6276 respectively-- a decrease of 5.6 per cent and 12.4 per cent respectively compared to the previous quarter)
• Yearly total building approvals remain strong. The total number of approvals for housing in the past year as of September 2018 totaled 39,709 (up 9.4 per cent compared to the previous year). Total number of approvals for multi-dwellings totaled 35,487 (up 26.9 per cent compared to the previous year).

In September 2018, a total of 3075 houses and 2927 multi-unit dwellings were approved. This translates to a total of 9405 houses and 6276 multi-unit dwellings approved in the latest quarter, a decrease of 5.6 per cent and 12.4 per cent respectively compared to the previous June quarter. This is a total decrease of 8.4 per cent in building approvals for residential dwellings in the latest quarter compared to the previous.

This marks a consecutive quarterly decrease in total residential dwellings, albeit at a lesser rate than the previous quarter due to the surge in multi-unit approvals for the month of September.

Nevertheless, the yearly total remains strong. There were a total of 39,706 houses and 35,487 multi-unit dwellings approved in the last 12 months as of September 2018. This is an increase of 9.4 per cent for houses and an increase of 26.9 per cent for multi-units respectively compared to the previous yearly total in September 2017. Together, this is a yearly total of 75,193 for all residential types – 17 per cent higher than the previous 12 months (64,250).