Latest figures from the Australian Bureau of Statistics show a total of 59,365 new homes were approved throughout Victoria in 2014, the highest for any calendar year since 2010.

Source: Australian Bureau of Statistics 8731.0

This growth has been equally divided between a rise in approvals for detached houses as well as for new apartments, units and townhouses.

“This is very positive news to help ease housing affordability pressures and create more jobs and investment for our state” said Master Builders Chief Executive, Radley de Silva.

Total building approvals in Victoria climbed $2.8 billion in 2014 to $26.8 billion, and home renovations approvals also climbed to $144 million for the year.

“Victoria has once again retained its status as the home building capital of Australia with the largest growth in approvals of any mainland state beating New South Wales by around 7500 homes” Mr de Silva said.

“Combined with the Reserve Bank’s decision to cut interest rates to a historic low of 2.25 per cent, it is clear residential builders will have plenty of work coming to them throughout 2015”.