Construction approvals for capital city dwellings bounce back in July

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The latest data from CoreLogic revealed 17,380 capital city dwelling approvals for July 2016 – the highest number of approvals since October 2015 and the third highest on record. A potential apartment oversupply and increased risk for off-the-plan settlements were not enough to deter this substantial rebound.

More than 6,000 houses and 10,000 units were approved for construction across the combined capital cities. Melbourne posted the highest number of approved dwellings over the year to July 2016 at 57,428. However, this was lower than -0.2% over the year. This was followed by Sydney with 54,667 and Brisbane with 30,901 total dwelling approvals.

According to CoreLogic research analyst Cameron Kusher, the approvals in capital cities remain unquestionably strong.

“It will be interesting to see just how many of these approvals immediately progress to commencement and ultimately through to a completion given tighter lending conditions imposed on both developers and purchasers for off-the-plan units,” said Kusher.

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