The Urban Developer
AdvertiseEventsWebinars
Urbanity
Awards
Sign In
Membership
Latest
Menu
Location
Sector
Category
Content
Type
Newsletters
Untitled design (8)
FULL PROGRAM RELEASED FOR URBANITY-25 CONNECTING PROPERTY LEADERS ACROSS THE ASIA PACIFIC
FULL PROGRAM RELEASED FOR URBANITY-25 WHERE THE PROPERTY INDUSTRY CONNECTS
VIEW FULL AGENDADETAILS
TheUrbanDeveloper
Follow
About
About Us
Membership
Awards
Events
Webinars
Listings
Resources
Terms & Conditions
Commenting Policy
Privacy Policy
Republishing Guidelines
Editorial Charter
Complaints Handling Policy
Contact
General Enquiries
Advertise
Contribution Enquiry
Project Submission
Membership Enquiry
Newsletter
Stay up to date and with the latest news, projects, deals and features.
Subscribe
ADVERTISEMENT
SHARE
2
print
Print
ConstructionAna NarvaezTue 02 Apr 19

Shock Surge in Apartment Approvals Unlikely to Last: ABS

805b926c-cf98-41c0-8608-d18824e79928

In some good news for property data watchers, ABS building approvals for the month of February have experienced a substantial uptick, underpinned by an unexpected surge in multi-unit approvals.

Total approvals rose by 19.1 per cent in February, buoyed by a massive 64.6 per cent surge in apartments, which masked a 3.6 per cent fall in permits to build new homes.

The unlikely figures were driven by a 134.1 per cent rise in Victoria and 69.5 per cent uptick in New South Wales.

The rise in home building permits follows on from last month’s figures, which marked the first increase in approvals figures since September 2018. However, economists warned that the headline figures should be viewed with caution, and may well reverse next month.

“Despite the surge in multi-units approvals, they remain 32.9 per cent lower than the same three month period last year,” HIA chief economist Tim Reardon said.

“There remains a significant volume of multi-unit construction in the pipeline this year.”

Related: Subdued Growth for New Home Sales: HIA

Expect a reversal

UBS analysts pointed to the volatility of the month-on-month building approvals data.

“The rise is narrowly focused in NSW and Victoria’s high-rises, that’s not a trend yet. We expect a sharp retracment next month.”

While dwelling values have been trending downward for 17 months, there are signs the downturn is losing some steam. Corelogic’s national home value index, published on Monday, revealed the pace of declining property values eased relative to the past four months.

The Housing Industry Association remains positive, and Reardon says the results are an “encouraging sign” that the downturn is modest relative to historical comparisons.

“This is consistent with our expectation that this downturn will be sharp and shallow with detached building activity remaining above the long term average at the bottom of this downturn.”

ResidentialAustraliaConstructionFinancePolicyReal EstatePlanningPlanningSector
AUTHOR
Ana Narvaez
The Urban Developer - Editorial Director
More articles by this author
ADVERTISEMENT
TOP STORIES
Exclusive

Accor Deputy Delivers Verdict on Brisbane Games Hotel Shortfall

Phil Bartsch
6 Min
Qld Budget 2025-26 Brisbane City
Exclusive

Billions Promised, Now Deliver: Industry’s Qld Budget Verdict

Vanessa Croll
6 Min
Medium Density housing in NSW
Exclusive

NSW Budget ‘Groundbreaking’ $1bn Guarantee to Unlock Housing

Leon Della Bosca
7 Min
Exclusive

Azure’s Trent Keirnan on Playing the Long Game

Taryn Paris
5 Min
Exclusive

Private Credit Surge, Skittish Buyers Force Banks to Loosen Presale Rules

Taryn Paris
5 Min
View All >
the rooftop pool of an apartment building in kangaroo point by mosaic property group
Residential

Mosaic Forgoes PR, Secures $205m Kangaroo Point Sales

Renee McKeown
A workman on scaffolding at Kingloch Parade in Wantirna.
Sponsored

Kingloch Parade Pushes Through Industry Headwinds

Partner Content
Hotel

Authenticity Over Opulence Key to Luxury Hotel Success: Robbyn Carter

Taryn Paris
One of the makers behind the Mondrian Gold Coast, Carter shares her design philosophy and why scale and brand do not imp…
LATEST
the rooftop pool of an apartment building in kangaroo point by mosaic property group
Residential

Mosaic Forgoes PR, Secures $205m Kangaroo Point Sales

Renee McKeown
2 Min
A workman on scaffolding at Kingloch Parade in Wantirna.
Development

Kingloch Parade Pushes Through Industry Headwinds

Partner Content
3 Min
Hotel

Authenticity Over Opulence Key to Luxury Hotel Success: Robbyn Carter

Taryn Paris
3 Min
Exclusive

Accor Deputy Delivers Verdict on Brisbane Games Hotel Shortfall

Phil Bartsch
6 Min
View All >
ADVERTISEMENT
Article originally posted at: https://theurbandeveloper.com/articles/approvals-for-apartments-rose-a-whopping-64pc-abs