HomeMining Industry News Construction sector still in contraction even as building approvals jump on apartments

Construction sector still in contraction even as building approvals jump on apartments

Tuesday 10th of January 2017 11:28:24 AM

In November last year building approvals increased by 7% which was driven by a rise in apartments and units, which jumped 17.3%.

Bureau of Statistics data showed 17,569 dwellings were approved in total, with apartments and townhouses making up 7,966 of the total.

Data on the apartment sector is volatile, with large projects skewing data up and down from month to month.

In the more stable trend data, approvals fell 2.9 per cent November, down for the sixth consecutive month, with analysts again noting an oversupply of apartments in Brisbane and Melbourne.

Dwelling approvals fell in the Northern Territory, New South Wales, Queensland, the ACT, Victoria and South Australia.

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