Building approval rise in May
The Australian Bureau of Statistics (ABS) recently reported that approvals for new dwellings rose by 27.3 per cent in May, in seasonally adjusted terms, following a 7.6 per cent drop in June.
As councils across the nations gave the go-ahead for new building projects, the number of dwelling approvals rose to 13,591, up from 10,676 units in April.
According to the ABS, a major reason for the rise was a 58.7 per cent jump in ‘private sector dwellings excluding houses’, which includes multi-storey units and town-houses.
The ABS also cited private sector projects in New South Wales, Victoria, and the Australian Capital Territory as key drivers behind the statistical incline.
A state-by-state breakdown saw Victoria lead the pack with a 31.8 per cent increase, followed by New South Wales (25.1%), Western Australia (24.8%), South Australia (16.2%) and Queensland (10.3%).
The results were also positive in the Northern Territory, where approvals rose by 21.5 per cent, and the Australian Capital Territory, where approvals jumped by 27.5 per cent.
The only state that saw a decrease in approvals was Tasmania (-12.1%).
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