Victoria Best State for Building Approvals

Victorian Treasurer Tim Pallas has announced this week that building approvals in the state have rebounded to their strongest result in more than two years.

New Australian Bureau of Statistics data shows Victoria recorded $4.3 billion of approved buildings in December 2019. 

Treasurer Pallas said despite “national economic slowdown,” the Victorian government remains focused on delivering critical infrastructure to provide for continued population growth. 

“Our record-breaking infrastructure pipeline and sound economic management are driving jobs and investment,” said Pallas. 

The results have pinned Victoria at the top of the mainland states for residential and non-residential building approvals, non-residential buildings and total number of dwelling units. 

The increase in residential and non-residential approvals also bumped the total value of Victorian building approvals up 44.5% in December, meaning across 2019 the state saw a total increase of 79.6%. 

Victorian residential building approvals totalled at $2.4 billion in December, a 26% increase in the state for the month, and 10 times above the national rate of 2.6%.

Over 6,400 dwelling units were approved in December, up 34% on the month before and resulting in a 38.5% increase for 2019. 

Victoria also experienced the highest increase of non-residential building approvals in December, topping out at $2 billion, a 75.1% increase on November. 

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