Building approvals surged in September to the highest they have been in three years, due largely to a spike in the apartment sector, according to data released this week by the Australian Bureau of Statistics.
The seasonally adjusted figures show that the number of dwellings approved rose 14.4 per cent in September. Over the twelve months to September 2013, the numbers rose by 18.6 per cent.
This growth was driven primarily by an increase of 31.8 per cent in apartments or ‘private sector dwellings excluding houses’ (up 31.9 per cent over the year).
House approvals, however, rose by only 1.9 per cent over the same period, to be 7.7 per cent higher over the year.
In September 2013, total seasonally adjusted building approvals growth was strongest in New South Wales (up 25.2 per cent), followed by Victoria (18.0 per cent), Western Australia (12.3 per cent), Queensland (3.8 per cent) and South Australia (0.8 per cent).
In trend terms, total building approvals were flat in the Northern Territory and dropped by 4.3 per cent in the ACT during September. Tasmania also saw approvals fall during September (down 10.3 per cent).
The seasonally adjusted value of residential building approved rose 10.1 per cent in September and has risen for four months.