Building permit activity in Victoria for the 2010-11 financial year reached a total of $24.3 billion in value, according to figures recently released by the Building Commission.
While the total number of building permits reported in 2010-11 was down by six per cent on 2009-2010 figures, there was an overall two per cent increase in the value of permits. In particular, the residential category (including high rise apartments) demonstrated a 70 per cent increase in the value of permits issued.
Building Commission data also shows that in 2010-11, the value of permits from the metropolitan area saw a rise of six per cent over the previous financial year, outperforming rural Victoria, which suffered a 13 per cent fall.
Growth in value was recorded in all building use categories except domestic (housing), which remained steady, and public buildings, whose decline reflected the reduction in government stimulus funding.
Deputy Building Commissioner, Peter Donald, noted that the increase in value highlights the presence of large building permits which will carry flow on benefits for the building industry.
Data collected by the Australian Bureau of Statistics showed that Victorian building work constituted almost a third of Australia’s building approvals during 2010-11, at 32 per cent, up four per cent for the previous year. Altogether, Victoria, Queensland and New South Wales continue to make up the majority of building approvals for Australia.
Source: Property Council of Australia
