Apartment approvals boom to 7 year high

With the release of the latest ABS Building Approvals data, it was revealed that non-detached house approvals had risen to their highest level since June 2018, up by 34.1% month on month and 55.3% year on year to 8,463 for the month of November.

Meanwhile, approvals for detached houses were up by 1.3% for the month and 3.2% year-on-year, to 9,458 for the month of November.

While non-detached house approvals are hitting new cycle highs, the number of new houses being approved for construction is stuck in the same range it has been contained to for almost 18 months.