Dwelling Approvals in Queensland Continue Steady Growth
New data from the Australian Bureau of Statistics (ABS) is providing evidence that the total number of dwellings approved in Queensland – and in Australia as a whole – is still on the rise.
According to the ABS, the number of dwelling approvals in the Sunshine State increased by 0.1 per cent in July.
However, looking specifically at residential building approvals, the number of private sector houses approved in the state rose by 1.8 in the same period – continuing a growth that has been evident for the past six months.
This figure puts Queensland on par with many other states that have also seen rises in private house approvals, such as New South Wales (0.9 per cent) and South Australia (2.4 per cent).
The only state or territory to post a decrease in housing approvals was Victoria, which saw a 1 per cent drop in July to continue a two month-old trend.
These findings came from the ABS' latest housing figures, which were released on September 2 and also showed that the value of approvals is also rising.
This figure increased by a further 0.9 per cent in July, having shown steady growth for the last five months.
Anyone looking to invest in new real estate in Surfers Paradise will therefore welcome these findings, which shows that the growth and value of Queensland's housing market is steadily increasing.