Data released today by the Australian Bureau of Statistics shows building approvals in Victoria climbed to $2.68 billion in November, up 20 per cent compared to the same time last year.

“There are very pleasing signs right across our sector, with approvals steadily ticking up throughout the year in home building, renovations and non-residential construction activity,” said Master Builders Chief Executive, Radley de Silva.

“The healthy rebound in building projects approvals should kick-start activity this year, meaning our industry can secure more investment and generate new job opportunities too.”

A bumper month for new home building activity led the charge, with a record 6600 new homes given the green light. The previous record for home approvals was set in 2010.

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Source: Australian Bureau of Statistics 8731.0

“Approvals for both detached houses and multi-units like townhouses and apartments have been trending up throughout most of the past year,” Mr de Silva said.

“In fact, new home approvals have been better in 10 of the last 11 months when compared to 2013 figures.

“We are also seeing approvals ramping up for home renovations, extensions and alterations, which climbed 16.1 per cent in November alone.”

The value of non-residential building approvals fell by 1.1 per cent in November, but approvals for the total year to date are up 3.9 per cent.

“Non-residential approvals do fluctuate fairly dramatically, but approvals for the whole year are $317 million greater than the year before,” said Mr de Silva.

“It is very much welcomed news for the construction industry.”

Highlights

  • Around 6600 new homes were approved in November, compared to 5500 the previous month and 4500 a year earlier.
  • Home building approvals for the month were up for both detached houses and apartments/townhouses.
  • Home renovation approvals climbed $27 million (or 16.1 per cent) for the month.
  • Total building approvals were $530 million higher than October and $450 million higher than November 2013