According to the recent figures from the Australian Bureau of Statistics (ABS), Victoria was the only state to see an increase in construction activity for the month of May. This increase in activity was driven by a growth in residential building approvals.
The building approval figures for May 2016 were released today by the ABS, and show that there's a 5.8 per cent increase in the value for the total building approvals. There was also an increase by 12.1 per cent in the value of residential approvals in May which amounted to $2.57 billion – an increase of 6.3 per cent over the year.
“Victoria’s residential building approvals remain among the strongest in the country.
"We’re seeing a good mix of apartment sizes and detached housing which maintains liveability and housing affordability.” – Acting Minister for Planning, Wade Noonan
The year leading up to May 2016 has seen the second highest value for total building approvals in Victoria alone, as well as the second highest count of dwelling unit approvals. This contributed to 29 per cent of total approvals in Australia.
This growth in the state has led to more than 120,000 new jobs created and an increase in full-time employment of 85,200 since November 2014.
“Victoria’s building and construction industry remains strong, and continues to create jobs and help drive our state’s economy.
The reason we are leading the nation is because the Andrews Labor Government is focusing on strong financial management and making the right investments to support the economy and job creation.” – Acting Treasurer, Gavin Jennings
Starting and running your own building business is just like starting any other type of business. You start out with an idea, then you create a business plan based on that idea, and then start executing those plans to bring your ideas to life.
Queensland builders are set to capitalise on the best conditions in six years, with a 26.9 per cent increase in building approvals in Queensland 2015. The figures from the Australian Bureau of Statistics, released in February, showed the fourth consecutive monthly rise in trend building approvals for Queensland - 2155 more houses were approved for building in December, up 13.4 per cent in November and the largest month since January 2010. NSW and Victoria trail behind with a 26.7 percent increase and an 11.9 per cent increase respectively. We've gathered a few industry opinions on the news.
Frasers Property Australia has chosen Multiplex as the head contractor to build the $140 million ‘Wonderland’ residential building as part of the former’s Central Park development in Sydney.
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