Building approvals fall on apartment slide

Wednesday, 2 Nov 2016 09:05:48 | Michael Janda

Crane on apartment building construction site in Melbourne's Southbank area (date unknown) (ABC News: Peter Giafis)

Dwelling approvals have fallen 8.7 per cent, as a payback in the booming but volatile apartment sector offset a gain for more stable detached house construction.

The Bureau of Statistics figures for September show a 2.3 per cent rise in the number of approvals for new houses to 9,605, while apartment and town house approvals fell 16.3 per cent to 9,166.

Multi-unit approvals are now down almost 10 per cent on the same period last year in seasonally adjusted terms, but still up 7.1 per cent in more stable trend figures that remove some of the volatility.

The value of residential dwelling approvals fell 4.4 per cent in September after having risen for two months, but the total value of building work approved jumped nearly 30 per cent in the month on a 119 per cent surge in the value of non-residential work.

More to come.

AustraliaPlus

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Building approvals fall on apartment slide

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