Record building approvals recorded in Victoria, New South Wales and Queensland

The Australian states of Victoria, New South Wales and Queensland had a bumper property year in 2014, with ABS stats showing a record number of building approvals at a seasonally adjusted 201,025.

By comparison, the same 12 month period ending December 2012 saw only 153,000 homes approved - 50,000 fewer residential approvals than today’s result.

Property Council of Australia’s residential director Nick Proud said the record number of building approvals were supported by domestic and foreign investment.

“Nationally, despite the 3.4% drop to 17,753 dwellings approved in December, overall a record 200,000 homes were approved for the full year ending December 2014. This continues to shore up the pipeline for national residential activity and promote confidence in the industry.”

Proud explained that Australia has a golden opportunity to achieve national gains for jobs, community prosperity and housing affordability when the residential development industry is at its best.

It’s not all good news for the construction industry in Australia, with some states simply “treading water”, including South Australia, Tasmania and the Australian Capital Territory recording much lower building approvals over 2014.

However, Proud said there is potential for infrastructure delivery and planning reform, which will assist these regions to share in the strong activity.

“Record building approval levels was acknowledged only yesterday by the Prime Minister for its impact on jobs and as one of the strong aspects of the economy, but continued strong growth, and a better distribution of growth across all states and territories, requires further reform across all levels of government.”