Victoria drives record number of building approvals

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Victoria drives record number of building approvals

Building approvals in 2014 were the highest on record, breaking the 200,000 mark for the first time, according to the December figures released by the ABS today.

Victoria was front and centre of this record result chalking up the lion’s share of new home approvals, which will translate into more jobs and increased economic activity for the state.

“Victoria has excelled to achieve record numbers of building approvals, supported by domestic and foreign investment,” said Jennifer Cunich, Victorian Executive Director.

“In our state 4,872 dwellings were approved in December – part of the 59,365 homes approved for the full year ending December 2014. This continues to shore up the pipeline for national residential activity and promotes confidence in the industry.

“These figures show Victoria truly is the best state in which to invest, manage and own property, but we urge Government to use this opportunity to improve the state’s infrastructure base and become nation-leaders in that area also.

“Victoria needs a strong infrastructure investment strategy which maximises every development opportunity. Combining residential and retail investment with the level crossing removal programme is one area where attractive investment multipliers abound.

“Not only Victorian, but national gains can be achieved for jobs, community prosperity and housing affordability when the residential development industry is at its best,” said Ms Cunich.

Media contact: Asher Judah, Deputy Executive Director (Victoria): 0499 841 715