New data has been released by the Australian Bureau of Statistics on building approvals in Australia for June 2021 quarter.
Approvals increased in Victoria and South Australia, with a decrease in approvals in Western Australia, Queensland, Tasmania and New South Wales.
Compared to May, overall dwelling units approved in Victoria increased by 12.8 per cent in June.
The Homebuilder sugar-hit has started to decline as private sector houses faced a 2 per cent reduction in Victoria.
The total approvals for houses declined by 11.8 per cent across Australia.
Though detached housing agreements dropped in all states and territories, excluding South Australia, the overall number of approvals still grew in South Australia and Victoria, due to medium/high density work.
The housing market appears to be undergoing a re-balance, with a clear shift from detached house building to higher density unfolding, seen in the 54.3 per cent multi-unit building surge from May 2021.
In Victoria, multi-unit approvals contributed 29.6 per cent of approvals in Victoria from 2020-21.
The high-density housing has been strained caused by the economic environment last year.
Housing approvals in Victoria increased by 32.2 per cent in 2020-21 from 2019-20.
Whereas multi-unit housing saw 20,028 building approvals in 2020-21 and a 16.01 per cent decrease in comparison to the previous financial year.
Victoria accounted for 30.8 per cent of all building approvals in Australia this financial year.
For more information and data on the building approvals in Australia, click here.