Brisbane's building approvals jump in July according to ABS data

Brisbane’s recent home building boom continues with a surge in residential development continuing to activate the market.

Latest Australian Bureau of Statistics data reveals that 961 houses were approved for building over June  the highest monthly total for the year.

House building approvals have increased by 7.9 per cent over the first half of this year to 5165 – a rise of 380.

June was also a record month for unit approvals, as development of inner-city apartments continues at unprecedented levels.

A total of 2007 units were approved for building, an increase of 357 from the previous month.

These approvals have soared over the first half of this year  with an increase of 4578, a substantial jump of 98.1 per cent.

Total home building has increased from 9451 over the same period last year to 14409, up by 52.5 per cent.

Brisbane’s building boom is a positive for the local economy, although recent job market data remains relatively subdued.

The ABS reports that the seasonally adjusted unemployment rate for Queensland over July increased from 6.1 per cent to 6.5 per cent – but remains below the 6.7 per cent recorded over July last year.

Jobs growth data however was more encouraging in Queensland with the number of employed up by 11,400 over July compared to July last year. 

The ABS also revealed a jump in the national unemployment rate to 6.3 per cent in July – the equal highest rate since 2002 and indicating the economy may need more stimulus.

Dr Andrew Wilson is Domain Group Senior Economist @DocAndrewWilson