Stonnington building approvals hit $23m in October 2018
Tradies in Stonnington will benefit from the latest batch of building approvals with $23 million in new homes given the go-ahead by the council.
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Tradies in Stonnington will benefit from the latest batch of building approvals with $23 million in new homes given the go-ahead by the council.
Figures released this week show 34 new homes received the green light in October, bringing the total of approved residential building projects to 1230 for the year.
Up to October, units made up most of the building approvals (84.9 per cent) for the year. Semi-detached houses accounted for 7.9 per cent.
An estimated $14 million of renovation work was also given the go-ahead.
The news is not all good, however.
The national October figures are adding to concerns of an overall slowdown in home construction.
Compared to the same time last year, the number of dwelling approvals across Australia dropped 13.4 per cent on seasonally adjusted figures.
The same comparison for Victoria shows a 13.7 per cent decline.
Housing Industry Association acting principal economist Geordan Murray said the impact of the results could be felt in as little as three months, or as much as 18 months in high-activity areas.
He said in areas with ‘softer numbers’, builders might have current work but they’re probably less likely to have projects on the books to sustain work further out.
“If there’s fewer new homes being built there’s fewer slabs being laid, if there’s fewer slabs being laid there’s fewer frames being erected, and so on through all of the trades,” he said.
“It will go through plasterers, electricians, plumbers — all those trades that would typically go from one job to the next — at the moment they’ll probably have less certainty about when that next project is going to be.”
Stonnington appears to be following the downward trend.
In October last year, 94 new homes were approved, with a total value of $78.6 million.
This means 60 fewer homes got the go-ahead in the same period this year, a decrease of 63.8 per cent.
The next batch of building approval figures is set to be released in January.
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