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SEQ house approvals up 70 per cent since 2012/2013

150313 generic streetscape_620x380Approvals of houses in South East Queensland have leapt 70 per cent in less than three years; according to new research by leading property services group Oliver Hume. Oliver Hume National Head of Research Andrew Perkins said approvals of houses in the region, stretching from Tweed Heads in the south, to Noosa in the north and Toowoomba in the west, increased from 9,430 in 2012/13 to an annual rate of 16,004 in the first eight months of 2014/15*. Multi-dwelling approvals more than doubled from 8,710 in 2012/13 to 18,195 in 2014/15. Overall, dwelling approvals in South East Queensland jumped 89 per cent from 18,140 in 2012/13 to 34,199 in 2014/15. The majority of dwelling approvals, for both houses and units, were from Brisbane, with the city accounting for 75 per cent of approvals (25,662) in 2014/15. The Gold Coast recorded 5,277 approvals and the Sunshine Coast recorded 3,300. Mr Perkins said it was an excellent result for the region and all signs pointed towards another positive year for the property industry. “South East Queensland has a steady pipeline of projects coming to market, with a strong focus on Brisbane residential apartment developments,” he said. “Oliver Hume Research indicates that there are currently 166 active apartment projects across South East Queensland and a further 127 active land projects. “Demand for the projects has been underpinned by continued population growth, low interest rates and a steady economy.” He said the increase in housing approvals would help alleviate some of the pressure on housing affordability in South East Queensland. Oliver Hume is a leading property service group that markets over 11,000 land lots within the entire South-East Queensland market. For more information visit www.oliverhume.com.au