Queensland building approvals rise in March to be up 26 per cent in 12 months

Treasurer Curtis Pitt has welcomed the latest ABS Building Approvals data which show the total number of dwelling approvals (trend) in Queensland rose 3.0 per cent in March.

Mr Pitt said Queensland building approvals were 26.0 per cent higher in March 2015 compared to the same time last year, reflecting the growing strength of the State’s residential housing sector.

“The overall increase in March was driven by medium-to-high density dwellings, with approvals for townhouses, units and apartments in Queensland hitting a record high in trend terms,” he said.

“Approvals in this category were 57.8 per cent higher in March 2015 compared to a year ago, driven by a surge in approvals in Inner City Brisbane and the Gold Coast.

“Meanwhile, approvals for houses in Queensland were 2.8 per cent higher compared to a year ago.

“The increase in dwelling approvals over the last 12 months is an encouraging sign for the State economy and for the job prospects of thousands of Queenslanders.

“It’s also a vote of confidence in Queensland’s housing and construction industry and we’ll continue to engage with the sector to promote more growth.”

Mr Pitt said there was a strong outlook for further growth in Queensland housing construction.

“Based on approvals data, housing construction activity in Queensland is expected to continue to strengthen in the remainder of 2014-15,” he said.

“This will be supported by expectations of a sustained period of low interest rates and the more attractive rental yields Brisbane enjoys in comparison to Sydney and Melbourne.

“I’m confident these factors will continue to support investor demand for Queensland housing going forward.”

ENDS

Media contact Treasurer’s Office: Martin Philip 0427 919 548