Regional apartments approved
Building approvals increased 15 per cent in November to a seasonally adjusted 18,406, for the highest result since early 2022.
The monthly jump was driven by a 34 per cent rebound in attached dwelling (i.e. mostly apartment) approvals, according to the ABS.
However, there wasn't so much of note happening in the capital cities, although the higher-density segment of the capital city markets have picked up since bottoming out in 2024.
The monthly jump was also driven by regional Queensland (in particular the Gold Coast, which has seen some some huge towers approved of late) and the regional New South Wales, Victorian cities.
Whether some of these proposed towers at Gold Coast are actually built and when are other matters for consideration.
Detached home approvals are trending higher in Perth but not so much elsewhere.
Overall, there were approximately 195,000 dwellings approved over the year.
On average, approvals have been running at around 16,000 per month over the past 17 months, or about 80 per cent of the implied desired level.
The total estimated value of residential building approved rose to an all-time high of $11.3 billion, while non-residential work approved also increased solidly as demand for data centres picks up.
However, the recent shift in interest rate futures may temper some of the optimism for development ahead.
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