In a sign the apartment market will continue to fire in 2024, the latest Australian Bureau of Statistics figures show apartment approvals are up.
The November 2023 figures, released this week, show the total number of dwellings approved rose by 1.6% to 14,529 for the month. This followed a 7.2% increase in October.
While house approvals fell by 1.7%, apartment approvals rose by 6.7%.
The increase in apartment approvals comes on the back of a 17.4% increase in October.
Master Builders Australia chief economist, Shane Garrett, says more higher density buildings will help alleviate some of the pressure in the rental market.
HIA chief economist, Tim Reardon, says the apartment approval figures are a positive sign, but more development is needed to meet demand.
During the month of November the total number of dwellings approved rose in ACT (22.5%), Northern Territory (2.6%), Western Australia (2.1%), and Victoria (1.4%).
They declined in New South Wales (-3.9%) Tasmania (-3.9%), Queensland (-1.7%), and South Australia (-0.2%).
