In positive news for the local homebuilding industry, fresh data shows new home approvals climbed 1.9 per cent in February (seasonally adjusted) throughout Victoria and were 28.5 per cent higher than the same time last year.




Source: ABS 8731.0

Multi-unit home approvals led the way, rising 11.0 per cent in the month to be 41.7 per cent higher than a year earlier. 

February saw a package of inner city high rise apartment towers approved by Planning Minister Matthew Guy, which alone are expected to generate some $557 million worth of building works.

While approvals of detached houses came down in February, they remain 19.2 per cent above the levels reached 12 months before and follow a significant rise in January. 


Victoria outperforms national home approval trends




Source: ABS 8731.0

“Victoria’s home builders are bucking the national trend, with home approvals falling in February in New South Wales, Queensland and South Australia,” said Master Builders Policy & Communications Manager, Tim Salathiel.

“We are seeing a consistently positive trend in home building approvals, which has now gone up nine months in a row.

“The last time this type of growth took place in home approvals was back in 2009, which was followed by record levels of new home building activity across the state.

“Master Builders knows many builders have faced tough economic challenges in recent years, but hopefully these trends point towards new opportunities for members to grow their businesses.”



Source: ABS 8731.0


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