Record-breaking month for home approvals

Recent data indicate new home building approvals reached their highest-ever monthly level in November last year.

According to the Australian Bureau of Statistics, 18,245 new homes were approved during November, almost 3.0 per cent higher than the previous record, which was set in August 1994.

Total approvals in November rose by 7.5 per cent on the previous month, and were 10.1 per cent higher compared to 12 months ago.

Private sector dwellings excluding houses experienced the biggest increase in approvals over the 12 months to November, up 19.1 per cent to 8,745.

The number of private sector house approvals also increased, by 3.8 per cent to 9,305.

Housing Industry Association senior economist Shane Garrett said the figures indicate that the industry can look forward to another positive year.

“The fact that approvals hit an all-time high during November augers very well for the pipeline of residential construction work in 2015,” he said.

Mr Garrett said new home building “has come to life at an opportune time”.

“Residential construction is now a central pillar of support for domestic demand in Australia,” he said.

“It is important that policy reform continues in the areas of planning, land supply and removing the taxation burden on new home building,” he added.

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