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.
The 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 2017, 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 Victorian Government has helped create more than 300,000 new jobs – the majority of them full time.
Source: Vic Government