Residential Building Approvals Keep Rising
02 November 2017
The latest building approval figures for September reflect an increasingly buoyant residential market according to Master Builders Tasmania
Mr Michael Kerschbaum, MBT’s Executive Director said, “The September building approval figures, released today by the Australian Bureau of Statistics, show that Tasmania’s dwelling approvals rose to 251, up by 16.6% in seasonally adjusted terms and 4.5% in trend terms. The latest figures confirm the strength of that part of the market as dwelling approvals have been consistently positive over the past twelve months now.”
“Dwelling approvals have definitely bottomed out and MBT only sees the figures further improving from here. An interesting trend is the growth in the non-house part of the market (89 for the month) as units and apartments play a bigger role in the housing mix in Tasmania. As previously reported, underlying demand due to a tight rental market and higher population growth continue to be the main drivers for the increase in approvals.” Mr Kerschbaum stated.
Mr Kerschbaum concluded, “Non-residential approvals fell in September ($22.1 million in approvals) after recording a very high figure in August. There is already quite a bit of commercial work in the pipeline so this low figure won’t impact upon the industry greatly.”
For further comment contact Michael Kerschbaum on 6210 2000 or 0438 343 810
