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Queensland leads way on building approvals

Treasurer Curtis Pitt says that ABS figures released this week point to the continued strength of Queensland’s property and construction sectors.

According to the ABS, Queensland was the only state in the nation to record a rise in total trend building approvals in the month of June.

Mr Pitt said this was another sign of strengthening business and consumer confidence in Queensland.

“The latest ABS Building Approvals data for Queensland show an increase in total dwelling approvals, up 15.9 per cent over the year to June,” Mr Pitt said.

“In trend terms, a total of 3,694 dwellings were approved in Queensland in June 2015, with more than half of those for apartments, units and townhouses.”

Trend approvals for medium-to-high density dwellings were 37.8 per cent higher in June 2015 (1,908) compared to June 2014 (1,385).

“This is the fourth month in a row that Queensland has seen near record high levels of building approvals for medium-to-high density dwellings,” Mr Pitt said.

“Strength in this category has largely been driven by approvals in Inner City Brisbane, the Gold Coast and Brisbane South.

“Looking ahead, building approvals data indicate a strong pipeline of apartment projects in Queensland, which is expected to support dwelling construction activity in the State in 2015-16.

“There has never been a better time to build in Queensland, with interest rates expected to stay low for a sustained period of time, and more attractive rental yields in Queensland’s south east than in Sydney or Melbourne.

“Our first State Budget, with its clear focus on jobs, growth and investment is creating the conditions for stronger growth in the Queensland economy.”

Source: News Release, Queensland Government, 1 August, 2015

http://statements.qld.gov.au/Statement/2015/8/1/queensland-leads-way-on-building-approvals