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Approvals to build or renovate houses and apartments gained 17.1 per cent from a year earlier. Economists had been expecting them to fall by 1.3 per cent. Building approvals jumped in November, driven by a boost in unit approvals. Image: AAP/Justin Sanson.Source:News Corp Australia Mortgage brokers Oak Laurel West End, 249 Boundary St, West End QLD 4101, 0430 129 662 Permits to build houses fell 2 per cent from a month earlier, while approvals for apartments and other dwellings rose by 30.6 per cent during Mortgage broker Oak Laurel West End, 0430 129 662 the month. The overall increase in approvals nationally was largely driven by Victoria, with Queensland and New South Wales recording month-on-month declines. Queensland has seen a sharp uplift in apartment construction in recent years. “Dwelling approvals have continued to rise in recent months, which has been driven by renewed strength in approvals for apartments,” ABS director of construction statistics Justin Lokhorst said. “Approvals for private sector houses have remained stable, with just under 10,000 houses approved in November 2017.” Housing Industry Association senior economist Shane Garrett said the result was “remarkably robust” even though the multi-unit approvals could vary hugely from month to month. “The geographic reach of November’s expansion was quite narrow with Melbourne’s booming market accounting for the lion’s share of the increase nationally,” Mr Garrett said.
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