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A strong rise in apartment approvals has driven the surge in building approvals, according to new data.
The findings come in the Australian Bureau of Statistics (ABS) Building Approvals data for the month of August 2022.
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According to the statistics, the total number of dwellings approved in August rose by 28.1 per cent in seasonally adjusted, on the back of an 18.2 per cent decrease in July 2022.
The number of approved dwellings had increased in all states, in seasonally adjusted terms.
In NSW, approvals were up 70.6 per cent, followed by Victoria at 19.4 per cent, Western Australia at 13.6 per cent, Queensland at 9.5 per cent, Tasmania at 3.9 per cent, and South Australia saw a 3.5 per cent rise.
The total value of building approvals rose by 23.5 per cent in August (after the 14.8 per cent decrease seen in July) to $13.4 billion.
Residential building values rose by 28.5 per cent to $8.7 billion, including a 32.6 per cent increase in new residential buildings, along with a 5.4 per cent increase in alterations and additions.
The number of private sector dwellings excluding houses (i.e. units and apartments), surged forward in August, rising by 99.1 per cent.
A total of 6,766 private sector dwellings excluding houses were approved in August (in seasonally adjusted terms) with the remaining 10,459 of dwelling approvals being for private sector houses.
ABS head of construction statistics Daniel Rossi noted that 17,497 dwellings were approved in August, and that the “sharp bounce back in apartment approvals [drove] the result” for private sector dwellings excluding houses.
South Australia and Queensland saw a fall in approvals for private sector houses, at 4.5 per cent and 0.1 per cent respectively. Conversely, NSW, Western Australia and Victoria all saw a rise in approvals for private sector houses at 12.7 per cent, 8.9 per cent and 1.2 per cent.
Ms Rossi added that, overall, “the strong upward movement in August follows a weak July result, which had the lowest number of other residential dwellings approved since January 2012.
“Approvals for private sector houses rose 4.1 per cent in August, following a 0.8 per cent increase in July,” Mr Rossi stated.
Non-residential building values rose by 15.1 per cent in August, following the 21.5 decrease in the prior month.
[RELATED: Home-building approvals drop in May]
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