Building approvals still carrying the momentum of last year
New house approvals hit 11,040 in August, the highest level in five years and a 3.3% rise on the previous month, according to HIA data.
11,040 new house approvals in August 2024 – the highest level in five years, up 3.3% on the previous month.
Approvals for new houses increased in the month of August to a new high of 11,040, the highest level in five years - Tom Devitt, HIA Senior Economist
Are new house building approvals still rising in 2024?
Builders and related trades like plumbers, electricians, and carpenters may see stronger pipeline demand as new house approvals trend upward.
Key takeaways
- New house approvals reached 11,040 in August, the highest point in five years.
- Monthly growth of 3.3% signals continued momentum in residential construction.
- Tradies in building, plumbing, and electrical may benefit from a stronger project pipeline.
- HIA data suggests last year's approval gains are carrying into the current period.
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