Victoria Leading The Way With Building Approvals

Market Insights
8 years ago
2 minutes

The latest building approval numbers from the ABS have confirmed that 2015 was a record year for Victorian building approvals.

Both residential and non-residential building approvals rose strongly in December 2015, with residential approvals setting a new record of $21.2 billion for the year.

In December, building approvals were up 23.1 per cent for Victoria, representing a $2.8 billion stimulus to the economy. There was a large increase in approved units and apartments of 156 per cent for the month.

The number of Victorian dwelling unit approvals increased strongly in December to be up 37.4 per cent over the month and up 1.1 per cent over the year. Victoria experienced the largest monthly rise among the mainland states. Victoria is the state with the highest number of dwelling approvals.

Victoria's monthly rise in non-residential building approvals (52.5 per cent) was the second largest of the states. Nationally, the value of total building approvals rose by 1.1 per cent over the month.

Quotes attributable to Treasurer Tim Pallas

Quotes attributable to Minister for Planning Richard Wynne

"Today's ABS statistics show the confidence Victorian home buyers and developers have in our new home market.”

“Today’s building approvals figures provide more evidence of the confidence returning to the Victorian economy

after four inertia-filled years under the Liberals.”

“Having your own home is something that many Victorians aspire to, and I am happy to see the historic increases in residential approvals that are occurring under our watch.”

"Our apartment market continues to outpace the other states, but I am particularly pleased to see the rise in detached housing approvals because this has a greater flow-on to the construction industry and will go some way

to meet buyer demand.”

"The Andrews Labor Government announced a swathe of planning policy reform last year. We are making sure good policy keeps pace with development and will continue to attract more investment through the Plan

Melbourne refresh, Better Apartment guidelines and our ongoing release of land.”