Building approvals return to form

If you’re hunting around for Bentleigh real estate or in other Melbourne suburbs, you might soon find new construction popping up.

Building approvals across the nation have sprung back up after a short period of decline. According to recent figures from the Australian Bureau of Statistics (ABS), approvals for new residential dwellings were high over the month of October, recorded at 19,652 approvals.

A 1 December release by the Property Council of Australia notes that this came very close to the peak experienced last year, when 20,000 approvals were made. In seasonal terms, this has pushed the total approval for residential dwellings to 233,180 over the year to October.

Furthermore, Victoria was the state to lead the pack, recording a 3.9 per cent month-on-month increase over October. In the 12 months to October, total building approvals in the region reached the 70,000 mark for the first time.

“It is critically important that we maintain a solid forward pipeline of new housing construction to consolidate the gains new supply has made towards improvements in housing affordability,” said Property Council Executive Director Residential Nick Proud.

Housing prices haven’t been accommodative for some as of late. High demand paired with a shortage of housing has lead to values rapidly rising. Mr Proud says that there will be a need to manage the oncoming influx of residential property, and efficiently utilise it to meet this heightened demand.

Finding property in Bentleigh

As buildings continue to rise up in force, more and more properties will be put on the market for sale. This means the range of homes available in the market will keep growing, giving you more choice over what you want to purchase. Give Ray White Carnegie a buzz, and we’ll find something you’ll love, whether it’s established real estate in Bentleigh or a new build.