National: Apartment Boom Drives Residential Building Growth

Approval rate for apartments continues to rise, boosting the Australian residential building growth beyond expectation.

Latest reports from the Australian Bureau of Statistics show that apartment approvals rose by 30.6 per cent in November, while house approvals dipped 2 per cent. The gain was the largest since November 2016.

Victoria contributed the most to this increase, with an 80 per cent surge since October to 6,359 approvals for private-sector dwelling excluding houses while NSW and Queensland experienced month-on-month declines.

Overall dwelling building approvals rose by 11.7 per cent for the month, beating forecasts of 1 per cent fall by Reuters.