Continued growth resulted in total residential dwelling approvals for the year to end January 2015 topping the 200,000 mark for the first time since 1974, with only limited signs of abatement as month-on-month approvals continue to be strong, if not recording constant records. Total approvals for the period were 201,139, up 11.2% on the corresponding prior period.
The chart below displays the data back to February 2005 and though it’s a little busy, the decadal base it provides is useful for trend analysis
It is plain to see that for the decade, the major sustained period of dwelling approval growth has been the period since the September Quarter in 2012, since which year-on-year growth has been almost continuous, each month.
The other factor worth noting, and it is much remarked upon within the forestry and wood products industry, is the role that multi-residential dwelling approvals are playing. The data behind the chart shows that for the year to end January 2015, detached houses accounted for 56.6% of the total, recording 113,783 separate approvals. For the year to end January 2005, a decade earlier, the proportion was 66.5%.
Of the 87,356 multi-residential dwellings approved for the year to end January 2015, the substantial majority (59.0%) were Apartments of four or more storeys, with the second largest group, as the chart below shows, being Semi-Detached residences (17.8%) of two or more storeys.
There is regular speculation that approvals do not equate to actual dwelling units built. This is a true enough observation. However, it is also clear that the trends of new dwelling approvals and the make-up of the aggregate approval numbers are a consistent and broadly accurate depiction of Australia’s substantial growth in residential dwelling approvals. Data correlation, like that provided in the first item in this month’s Statistics Count, helps prove the point. So too does the data in the next item.
For further details, go to the FWPA Data Dashboard.
