230,298 new homes in Australia03 November 2015 by News Desk
More than 230,000 new homes have been built in Australia over the past year but construction is now slowing down.
According to latest figures from the Australian Bureau of Statistics, around 18,900 new homes were approved for construction across the country in September, a 1.9% fall compared to an average of 20,000 new approvals per month over most of 2015.
But there is a wide disparity across Australia with a 42% increase in Queensland and a 39% fall in the Australian Capital Territory which includes Canberra.
There has also been a big increase in the number of apartments and units being built in major cities. The number of approvals for construction of apartments grew by 6.1% compared August.
The growth in new apartments is making its effect felt most in Sydney where a raft of new properties coming onto the market has led to the recent cooling in the city’s housing market.
Darrell Todd of thinkingaustralia says: “It’s good to see that the level of house and apartment building is remaining relatively stable. The more properties that come onto the market, the more it will address the housing shortage and keep prices down. Continuing high levels of home building also creates thousands of jobs across the country.”