Lift in approvals sets scene for record growth in 2015

The strength of the latest building approvals confirms the strongly positive outlook forecast by Master Builders for residential building in 2015.

“The 7.5 per cent seasonally adjusted increase in total building approvals for November 2014 reflects confidence in the market with the strength of the result slightly above industry expectations reflecting positive momentum,” Peter Jones, Chief Economist, Master Builders Australia said.

“The November result was built on strong approvals growth in higher density dwellings in the major cities. The 17.2 per cent seasonally adjusted rise for other dwellings (units and apartments) confirms the changing face of dwelling demand as higher density living becomes increasingly accepted,” he said.

“The results point to a sustained pipeline of work over the next 18 months which will result in more jobs in the residential building sector,” Peter Jones said.