In good news for housing affordability, Victoria recorded the strongest growth in building approvals across the nation, bolstering housing supply and making an important contribution to the State’s economy.
Today’s Australian Bureau of Statistics data shows the total value of Victorian building approvals increased by 28.5 per cent to $4.6 billion in November 2017, and is up 67.2 per cent over the year.
This is the biggest monthly growth in the value of total building approvals in the nation, with Queensland (+15.4 per cent) the only other state to record positive growth for the month.
The value of residential building approvals rose 47.8 per cent in November and 92.7 per cent over the year. Both the monthly and annual growth were the highest among all states.
Meanwhile, the value of non-residential building approvals is 21.6 per cent higher compared to a year ago.
The number of dwelling units approved also rose 37.9 per cent in November, and is up 72.0 per cent over the year, boosted by an increase in high rise apartment approvals.
This equates to the largest monthly and annual growth in dwelling units approved in the nation, contributing 31.8 per cent of Australia’s total dwelling unit approvals over the year.
Strong building approvals are an important contributor to the state’s economy, in particular its labour force.
Since its election in November 2014, the Andrews Labor Government has helped create more than 300,000 new jobs – the majority of them full time.
Quotes attributable to Treasurer Tim Pallas
“The strong growth in residential building approvals is good news for housing affordability and another sign that we have the policy settings right when it comes to housing in Victoria.”
“This building boom means more jobs and homes for our growing population, as well as warehouses, factories and accommodation for our thriving businesses and industries.”
“It shows that the Labor Government’s Homes for Victorians package which slashed stamp duty for first home buyers and boosted construction of dwellings in the regions is helping Victorians enter the housing market.”