2016 dwelling commencements a record high
Published: 13 April 2017
New dwellings reached their highest peak with 48,000 new dwellings commenced in Queensland during 2016.
Housing starts are up by almost five per cent during 2016, according to the latest Queensland Dwelling Commencements released yesterday by the Australian Bureau of Statistics.
Master Builders deputy CEO Paul Bidwell said this is good news for the residential sector.
“As expected, unit starts are down 1.2 per cent over 2016, slipping back to represent just half of all commencements,” Mr Bidwell said.
“Despite the negative commentary surrounding unit approvals, demand remains for new units and approvals are translating into building work. During 2016, commencements even exceeded approvals by 1.5 per cent.”
Looking forward, we expect the results for 2017 to moderate. The most recent building approval results (February 2017) had the 12 month total down to 43,982 (seasonally adjusted).
“We are on track to achieve Master Builders forecast of 43,000 commencements for the 2016-17 Financial Year,” Mr Bidwell added.
“However, a downturn is far from certain with February also reporting a one month bump in approvals.”
Regional building approvals were also released this week with mixed results across Queensland.
The February jump in building approvals can be attributed to spikes in Greater Brisbane and the Gold Coast.
“In Brisbane it was a mix of both detached housing approvals and unit approvals, while the Gold Coast was all about units.”
Regional centres all recorded a good month, with Central Queensland in particular, seeing a large and long awaited spike in unit approvals.
“While the long-term 12 month trend is still down for many regions, we are hoping this is a sign of better times ahead.”