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Building approvals show Queensland leading the charge

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Property development in southeast Queensland could take off in 2015, with building approvals in areas such as Brisbane, the Gold Coast and Sunshine Coast seeing the largest gains.

This is according to a recent report from the Australian Bureau of Statistics, which was followed up by a release from Master Builders Australia.

Paul Bidwell, the deputy executive director of the company, explained how the southeast has dominated regional numbers over the past 12 months. In fact, the Gold Coast rose 49.3 per cent in approvals, followed closely by Sunshine Coast with 48.5 per cent.

He noted that Far North Queensland grew 17.4 per cent, with the majority stemming from several major projects going ahead.

"While Central Queensland and Mackay continued to languish during the year, with building approvals down over 50 per cent, there was some good news in the monthly figures with both recording positive growth during September and October. However, it remains to be seen whether this means these regions have put the worst behind them," Mr Bidwell noted. "Approvals for multi-residential developments make up about 45 per cent of the state's total building approvals, compared to 34 per cent in 2010.

This is certainly a significant rise in a short space of time, and something of which developers will need to be aware.

"As expected, the lion's share of the unit approvals are in the south east corner. In Brisbane alone, 55 per cent of the dwelling approvals over the past 12 months have been multi-residential developments, compared to 39.9 per cent in 2010."

The Building Industry Outlook report, which Master Builders released in 2014, noted that approvals are set to continue well into 2015, with a forecasted 40,000 dwelling units set to commence from 2014-15. This is a 14 per cent increase over the 35,318 in the 2013-14 period.

Date Published: 15 Jan 2015
Category: General News

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