Source: REA, 3 May 2018.
Queensland’s population is growing, and so is the demand for housing.
Strong demand for housing in Queensland has pushed up dwelling approvals according to data from the Australian Bureau of Statistics.
ABS data for the month of March 2018 showed that Queensland had the third highest trend increase for dwelling approvals, behind the ACT and Northern Territory.
Queensland dwelling approvals increased by 2.3% over the month, and were also 14.5% cent higher than a year before.
Director of construction statistics at the ABS, Justin Lokhorst said that increase in dwelling approvals were being driven by demand for homes.
“Private sector house approvals are now at their highest level since 2003, in trend terms.” Mr Lokhorst said.
Housing Industry Association senior economist Shane Garrett. said that healthy population growth was behind the increase.
“The upshot of today’s figures is that new building activity will remain elevated over the near term,” Mr Garrett said.
“Strong population growth and a strong economy go hand-in-hand.”